What Happens When You Have No Estate Plan?, Ep #57

Do you know what the number one most avoided financial subject is? On this episode of The Financial Symmetry Podcast, we are diving deep into estate planning where you’ll learn why it is so avoided and why you really shouldn’t avoid it. Cameron Hendricks joins us on the show today to help us navigate this touchy subject. Estate planning is easy to forget to do and so many people end up putting it off so that it is actually the most avoided subject when it comes to financial planning. If you don’t have a proper estate plan you need to be sure to listen to this episode as Cameron lays out many of the possibilities that could happen if you have no will in place.

Why have an estate plan?

What is the purpose of an estate plan? The purpose is to look out for your family and loved ones. You want to make sure that the people you want to receive your inheritance actually receive it. This also simplifies matters for your beneficiaries. It reduces family conflicts and confusion during an already emotional time. Because of this emotional roller coaster, planning your estate can be very challenging, but it’s arguably one of the most expensive financial mistakes you can make.

What happens to your estate if you have no will in place?

Cameron Hendricks joins us to walk us through different scenarios so that we can understand what happens to our estates if we don’t have a simple will in place. You may be at a time of life where you don’t have any dependents and so you may think it doesn’t matter if you have a will in place. Would you like to leave your money to the default distribution the state determines? If so, then there’s no need to do anything, but if you want to have any say in where you’re money will go when you are gone then you need to have proper beneficiaries named. Listen to this episode to hear what could happen to your money after you are gone.

When is the most important time in life to have a will in place?

Many people that have families still avoid proper planning of their estate. The reasons are usually emotional. No one wants to think about what will happen to their children when they pass. If you are a stepparent, you probably haven’t thought about what might happen to your estate regarding your stepchildren if you haven’t planned your estate properly. You’ll definitely need to hear this episode if you are the parent of a blended family. Make sure you don’t miss this episode on estate planning so that you can understand all the ramifications of improper estate planning.

Family conflicts are the biggest threat to estate planning

No one wants to think about what life will be like after they are gone. Making decisions about what happens after your passing is emotional and not much fun. Estate planning is one of those difficult tasks that we just have to get done for the sake of our families. After a loved one’s passing many families experience rough times. Family relationships are already challenging enough. Don’t let your lack of estate planning make them worse. Listen to this episode to hear how important it is to properly plan your estate no matter what stage of life you’re in.

Outline of This Episode

  • [3:18] Estate planning is usually the number one thing that people haven’t done yet
  • [4:19] Why have an estate plan?
  • [9:00] Unmarried individual with no children
  • [12:25] Married couple with no children
  • [15:45] Married couple with children
  • [21:11] Blended families
  • [24:06] No spouse, no children, no parents

Resources & People Mentioned

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