Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
Many times, people don’t want to deal with wills and estate plans because it’s dealing with their own mortality. But you need to make sure your legal documents and beneficiary designations are up to date.
You want to work with an estate attorney to help with an updated will, which should be reviewed every few years or when there’s a life-changing event. You also want to make sure your power of attorney is up to date. This is extremely important, especially in the event you become incapacitated. Lastly, you need a medical directive to make sure your wishes are carried out.
If these aren’t taken care of, it can really become a problem. If you pass away without a will, the court has a protocol as to how your assets are distributed. If your family has to go through court, they will have to pay money to hire an attorney and deal with other issues, which cost time and money.
On a separate topic, a question we get quite often is what our average client looks like financially. People want to know how they measure up. The vast majority of our clients do share something in common. It’s the characteristics that they have – positive outlook, strong work ethic, gratitude, coachable, consistent learning and not allowing someone else to control their perception moving forward.
It’s not the amount of money that you have, it’s your overall mindset. You need to determine your definition of success.
Listen to the full episode or use the timestamps below to jump to a specific section.
0:30 – 20-year wedding anniversary
3:30 – Mortality and documents
7:11 – Wills
9:36 – How do I measure up?
13:02 – Gratitude
15:02 – Define your success
15:55 – The Giant Killer
“Many times people don’t want to deal with this, because it’s dealing with our own mortality – and that is making sure our legal documents are up to date.”
-Matt Hausman
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
