Jerry Taylor walks through the financial disasters that follow Andy's estate-planning shortcuts: assets left to ex-spouses, minors locked in costly conservatorships, disabled beneficiaries losing benefits, and deceased people triggering probate. Saving a few thousand upfront can cost families far more.
Chapters
Thank you so much, Andy, for saving everybody a few thousand dollars. And for all of you out there who listen to Andy, here's what's also going to happen. 15% of you who do what Andy says are going to leave all your money to your ex-spouse. 17% of you are going to leave all your money to a minor, which means that a judge will freeze that account. That same judge will be responsible for appointing a guardian for the minor, who will then be responsible for establishing a conservatorship for the child, which will oversee that money for a hefty fee every year until the child turns 18. Then that money drops into the lap of an 18-year-old, likely with no financial education, it's totally gone in a few months' time. 6% of you will give your money to a person who is on government benefits for disability, who will then immediately be knocked off of those benefits that they need for medical care. 13% of you will leave your money to someone who died before you did, which means that that account will likely spend 6 to 9 months at a minimum in probate. I could keep going. Yeah. Congrats, Andy, on saving everybody a little bit of money.
