Money Changes People

30 Oct 2022 · 1 min

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0:32

In this segment of his YouTube video, Jerry Taylor discusses a common but flawed estate‑planning approach: naming a single child as the sole beneficiary of all accounts and policies. He explains that once the assets are transferred, they become that child’s exclusive property, and while the child might act fairly, the law does not require them to share. Taylor warns that "money changes people" and that relying on a single beneficiary is risky. He promises to present a superior alternative plan for distributing assets among multiple children.

Chapters

Let's say you have 2, 3, or even 4 children, and your idea of a good plan to pass on your assets after you die is to give everything to one of those children, knowing that they'll do the right thing and split it up with the other kids. Let me stop you right there. That is a terrible plan. You make that child the sole beneficiary of your accounts or policies. When that money is transferred to them, it is their money alone. Sure, they might do the right thing, but money changes people, and legally, they don't have to do anything. There's a much better plan than that, and if you follow me, I'll tell you all about it.