WEBVTT - Aren’t Wills for Old People? #042 0:00:00.080 --> 0:00:03.160 Welcome to how the Money. I'm Joel and I am Matt, 0:00:03.360 --> 0:00:06.680 and today we're asking the question, but aren't wills for 0:00:06.720 --> 0:00:27.440 old people wills? That's right, man, We're gonna talk about 0:00:27.440 --> 0:00:29.200 that soon. For now, what do you think about our 0:00:29.760 --> 0:00:32.639 our new recording studio that we've got going on here? 0:00:32.920 --> 0:00:35.280 This is amazing. I feel like we need to set 0:00:35.320 --> 0:00:38.000 this visual scenario of where we are. So normally, Matt, 0:00:38.040 --> 0:00:40.080 you and I record at your dining room table. That's right, 0:00:40.120 --> 0:00:43.680 and we are, however, dining room table this evening. But 0:00:43.760 --> 0:00:46.760 also to your rights. Over your right shoulder is our refrigerator, 0:00:47.040 --> 0:00:50.199 and uh, over my left shoulder is our kitchen, kind 0:00:50.240 --> 0:00:54.920 of lovely instant pot on on a makeshift table with 0:00:55.480 --> 0:00:58.840 like a children's desk underneath it, Yeah, dude, and a 0:00:58.920 --> 0:01:01.560 larger children's desk to the side of it. It's it's 0:01:01.560 --> 0:01:03.840 you two children's desk that we've picked up for free 0:01:03.920 --> 0:01:07.320 at yard sales over the years. That that mash perfectly. So. 0:01:07.400 --> 0:01:09.679 Your kitchen has been moved into your dining room, and 0:01:09.680 --> 0:01:11.960 that is because of the renovation taking place in the 0:01:12.000 --> 0:01:14.000 back of your house exactly. I can't remember if we've 0:01:14.000 --> 0:01:16.319 told folks this, but so we've broken ground. We were 0:01:16.319 --> 0:01:18.240 adding some a couple of rooms onto the back of 0:01:18.240 --> 0:01:20.240 our house. Uh, and we're also going to be finishing 0:01:20.280 --> 0:01:24.880 out the Airbnb space underneath, so that's actually happening. We 0:01:24.880 --> 0:01:27.640 haven't done a full episode dedicated to that, but that's happening, 0:01:27.840 --> 0:01:31.039 and we certainly will keep you posted as that progresses. 0:01:31.080 --> 0:01:33.120 But what that means, dude, is that for the next 0:01:33.760 --> 0:01:36.320 our contractors told us maybe for the next month before 0:01:36.360 --> 0:01:38.840 the drywall is up, at which point then we can 0:01:38.880 --> 0:01:40.640 kind of move back, you know, get back in there 0:01:40.680 --> 0:01:42.639 and kind of get settled in again in our kitchen. 0:01:43.000 --> 0:01:44.880 We're not getting a new kitchen, we're just kind of 0:01:44.920 --> 0:01:47.600 adding onto the space beyond that. But yeah, we can 0:01:47.640 --> 0:01:50.400 still use our dishwasher and some of the our appliances 0:01:50.440 --> 0:01:52.640 back there, but it's just a mess, and certainly we 0:01:52.680 --> 0:01:55.040 don't want to have the girls back there. And if 0:01:55.080 --> 0:01:58.520 you notice, over my right shoulder there's our giant bus, 0:01:58.560 --> 0:02:00.920 our bussing tray or bust hub, and we dump all 0:02:00.920 --> 0:02:02.280 of our plates in there and I take it back 0:02:02.320 --> 0:02:04.520 there and do the dishes at night. It's not terrible. 0:02:04.920 --> 0:02:07.840 You guys are really good about finding like a system 0:02:08.240 --> 0:02:11.280 no matter what condition. You're in. The system has gotta work, yes, 0:02:11.360 --> 0:02:13.200 and so you you set up this really great system, 0:02:13.240 --> 0:02:16.080 because I gotta tell you, if it was our family 0:02:16.400 --> 0:02:19.080 that was renovating, it might be a little more of 0:02:19.080 --> 0:02:22.800 a cluster. We wouldn't float nearly as well. So I 0:02:22.840 --> 0:02:25.280 do appreciate the way you guys set up a system. Uh, 0:02:25.280 --> 0:02:28.280 and it seems like it's working well. You're kitchen dining 0:02:28.320 --> 0:02:31.240 room combo. You know. While not ideal for the long haul, 0:02:31.360 --> 0:02:33.360 it works out for the short term. Dude. It's actually 0:02:33.440 --> 0:02:34.880 kind of nice. It makes me feel like we're in 0:02:34.880 --> 0:02:36.880 New York or something like that, where it's just like, oh, 0:02:36.919 --> 0:02:40.120 I need some more catch up. Let me just literally 0:02:40.160 --> 0:02:42.480 I can reach over and open the fridge from my seat. 0:02:42.800 --> 0:02:45.120 That's pretty sweet. That's pretty sweet. It's the it's not 0:02:45.200 --> 0:02:47.919 too bad, but we certainly are looking forward to getting 0:02:47.919 --> 0:02:50.679 back into our into our space and our new sort 0:02:50.680 --> 0:02:52.639 of expanded space. You know, this is something that Kate, 0:02:52.720 --> 0:02:54.839 now we we've talked about for a while. We see 0:02:54.840 --> 0:02:57.799 ourselves in this house, you know, potentially for forever with 0:02:57.840 --> 0:03:01.160 this small edition. And then we're also we're kind of cheating, 0:03:01.160 --> 0:03:04.680 but we're justifying it by using the space below you know, 0:03:04.760 --> 0:03:08.239 to to put up on Airbnb, and the you know 0:03:08.280 --> 0:03:10.519 what we're gonna be able to generate from that is 0:03:10.560 --> 0:03:12.840 gonna earn us if you run the numbers, like over 0:03:12.880 --> 0:03:15.160 ten percent on our money. We get to increase the 0:03:15.200 --> 0:03:18.160 amount of utility that we have to use for ourselves, 0:03:18.680 --> 0:03:21.400 provide sweet little service or folks through the Airbnb, and 0:03:21.400 --> 0:03:23.440 then all the while make uh make over ten percent 0:03:23.480 --> 0:03:25.240 on our money. It's it's not too bad. Yeah, that's 0:03:25.240 --> 0:03:27.639 pretty sweet, dude. You know, we actually talked about doing 0:03:27.800 --> 0:03:30.520 an entire episode on construction. Maybe we gotta do that soon. Yeah, 0:03:30.520 --> 0:03:33.440 like finding a contractor making sure that you can get 0:03:33.480 --> 0:03:36.240 reliable help, just just all the things that just all 0:03:36.280 --> 0:03:38.560 the steps that people go through and and they're just like, 0:03:38.600 --> 0:03:40.680 how does this even work for folks that are maybe 0:03:40.760 --> 0:03:45.000 considering an addition or maybe just a small renovation. I'm 0:03:45.000 --> 0:03:48.960 not totally sure at what point will be, but we've 0:03:48.960 --> 0:03:50.920 done some work like this before down on this house, 0:03:50.960 --> 0:03:52.880 but on others, and so yeah, that might be fun 0:03:52.880 --> 0:03:54.760 to talk about. Oh man, we had a listener right 0:03:54.760 --> 0:03:57.200 in a few episodes ago. I think i'd kind of 0:03:57.240 --> 0:04:01.280 bashed donating plasmas. Yeah, yeah, we're gonna mentioned the plasma guy. Yeah, 0:04:01.320 --> 0:04:04.400 so I donated plasma a little bit in college and 0:04:04.480 --> 0:04:06.520 made some sweet money and it worked alls in college, 0:04:06.560 --> 0:04:08.000 and I think, you know, I kind of made fun 0:04:08.000 --> 0:04:09.800 of it that now at this point in my life, 0:04:09.800 --> 0:04:12.920 I wouldn't do it. And listener Ryan wrote in and 0:04:12.960 --> 0:04:15.360 talked about how he still donates plasma and kind of 0:04:15.400 --> 0:04:17.320 why he does it and how much money he makes, 0:04:17.360 --> 0:04:19.880 like he does it on the rag and brings in 0:04:20.040 --> 0:04:23.640 some serious money, which I was completely impressed with his 0:04:23.680 --> 0:04:25.760 system and kind of, you know, the way we set 0:04:25.800 --> 0:04:27.800 up our kitchen and like the processes, that's the way 0:04:27.800 --> 0:04:31.240 he sets up his left arm. Yeah, it's gonna be 0:04:31.279 --> 0:04:33.359 his left because he's on his phone with the right exactly, 0:04:33.400 --> 0:04:35.720 listening to podcasts and reading books and stuff like that, 0:04:35.760 --> 0:04:38.159 which I love. I love his his approach to it. 0:04:38.200 --> 0:04:41.640 So he said he makes almost like a year from 0:04:41.680 --> 0:04:44.120 donating plasmas. So if you stick to the schedule and 0:04:44.240 --> 0:04:47.480 you go twice a week, that usually you know, the 0:04:47.839 --> 0:04:49.800 payout increases if you're able to go twice a week, 0:04:49.920 --> 0:04:52.280 and then if you go regularly almost every day that month, 0:04:52.440 --> 0:04:54.599 you're going to get an additional bonus on top of that. 0:04:54.640 --> 0:04:57.200 So the more you donate in every single month, you're 0:04:57.240 --> 0:05:00.719 going to get more money for donate in your plasma. 0:05:00.880 --> 0:05:02.680 And you can will put a link maybe to what 0:05:02.720 --> 0:05:04.800 it means to donate your plasma in the show notes. 0:05:04.880 --> 0:05:06.120 I don't want to kind of go into all the 0:05:06.160 --> 0:05:10.359 specifics now, um, but you're fine, like like an instructibles, 0:05:10.360 --> 0:05:12.920 but like how to donate your own plasma yourself at home? 0:05:13.040 --> 0:05:15.120 Yeah no, probably not, you don't want to do that, 0:05:15.279 --> 0:05:16.960 but just like the Wikipedia for what it actually means, 0:05:16.960 --> 0:05:18.400 because some people might be like it might be a 0:05:18.400 --> 0:05:21.320 foreign concept. I've never donated plasma. Is that like donating blood? 0:05:21.320 --> 0:05:23.040 And I don't want to answer all those questions right here, 0:05:23.160 --> 0:05:25.799 but the fact that Ryan's doing it, it's really cool. 0:05:25.960 --> 0:05:28.280 And I just thought of this because on the way 0:05:28.320 --> 0:05:30.120 to one of my rental houses today, I passed a 0:05:30.200 --> 0:05:33.240 plasma donation center and I just honestly didn't even know 0:05:33.240 --> 0:05:35.560 where the one nearest to me was, and so I 0:05:35.600 --> 0:05:37.559 don't know, maybe I'll consider it. And Ryan had mentioned 0:05:37.600 --> 0:05:39.760 that the reason that he donates plasma kind of what 0:05:39.800 --> 0:05:41.520 he uses it for. Well, he said, first off, I'm 0:05:41.560 --> 0:05:43.640 making money for listening to podcasts and reading blogs and 0:05:43.640 --> 0:05:45.799 stuff like that, right, so he's just on his phone 0:05:45.839 --> 0:05:48.560 downtime and he's able to listen to the show or 0:05:48.600 --> 0:05:51.920 whatever other podcasts he's digging right now. Um. And then 0:05:51.960 --> 0:05:54.000 on top of that, he uses all that extra money 0:05:54.160 --> 0:05:56.720 to fund his vacations. And so I love that he's 0:05:56.760 --> 0:05:59.800 kind of get this goal, this this reason for doing 0:05:59.800 --> 0:06:01.919 it right. It's like, Okay, this is extra play money, 0:06:02.200 --> 0:06:04.479 and I'm gonna use it to fund my travel. And 0:06:04.520 --> 0:06:05.840 so that was super cool. I kind of like this 0:06:05.880 --> 0:06:08.400 philosophy behind it. I like that he's doing it and 0:06:08.800 --> 0:06:10.120 you know what, all right, I'm gonna lay off few 0:06:10.120 --> 0:06:13.040 plasma donators. And I love that he put in there 0:06:13.040 --> 0:06:15.200 too that it only takes them about two hours a week, 0:06:15.200 --> 0:06:16.920 Like that's about he goes in twice a week, takes 0:06:16.960 --> 0:06:19.520 them about two hours, and so I mean you can 0:06:19.560 --> 0:06:21.800 actually see the numbers there right, like two hours a 0:06:21.800 --> 0:06:24.880 week making about a year. Like that's not too bad. 0:06:24.920 --> 0:06:26.560 It's not too bad. It's awesome. I love it. Way 0:06:26.560 --> 0:06:29.040 to go, Ryan. Alright, Matt, So the beer we're drinking 0:06:29.120 --> 0:06:32.360 on the show tonight, you picked it up for us. Yeah, man, 0:06:32.400 --> 0:06:35.719 This is by Cherry Street Brewing. This is a small 0:06:35.760 --> 0:06:38.640 batch that they've put out and it's called Sweet l Lonnie, 0:06:38.720 --> 0:06:41.880 which is a barrel age stoubts. Yeah, quickly, I wanted 0:06:41.920 --> 0:06:45.279 to say this beer gets an amazing rating on untapped, 0:06:45.640 --> 0:06:47.760 And if you don't follow Matt and I on on tapped, 0:06:47.800 --> 0:06:50.279 you can do that. It's kind of social media for 0:06:50.320 --> 0:06:53.600 beer drinkers. And you can find our untapped handles on 0:06:53.640 --> 0:06:56.719 our website. All right, Joel, let's talk about wills. But 0:06:56.880 --> 0:07:01.080 aren't wills for old people? No way, man, Um. The 0:07:01.120 --> 0:07:03.640 fact is is that over half of Americans don't have 0:07:03.680 --> 0:07:06.200 a will, man, And this is terrible news because what 0:07:06.240 --> 0:07:11.000 that means is your assets aren't protected, well specifically, you 0:07:11.040 --> 0:07:14.600 don't have control over where they go. More sort of personal, 0:07:14.640 --> 0:07:17.520 and even more important to us is that you don't 0:07:17.560 --> 0:07:21.240 even necessarily have say over who's going to be your 0:07:21.320 --> 0:07:24.360 children's guardian. Man. That is insane to think of the 0:07:24.400 --> 0:07:27.320 different families who don't have wills, where something you know, 0:07:27.480 --> 0:07:31.480 could happen tomorrow and the state gets essentially decide, you know, 0:07:31.520 --> 0:07:33.960 where your kids go. That's that's crazy. Yeah, man, And 0:07:34.040 --> 0:07:35.560 first I think we need to clear up to the 0:07:35.560 --> 0:07:37.640 fact that you know, we aren't lawyers, were certainly not 0:07:37.800 --> 0:07:40.760 experts on this. But what we want to convey more 0:07:40.800 --> 0:07:43.440 than anything, is it. Setting up a will is easy, 0:07:44.000 --> 0:07:46.560 it's quick, and it can be free. And so we're 0:07:46.560 --> 0:07:48.360 gonna go kind of go through all those things and 0:07:48.400 --> 0:07:51.000 the reasons to like why you should have a will 0:07:51.200 --> 0:07:53.040 and you need to because you could totally get like 0:07:53.120 --> 0:07:58.160 final destinations tomorrow, yes, impaled through the skull or I 0:07:58.200 --> 0:08:00.440 don't foot, I don't know, whatever it could, whatever it takes, 0:08:00.640 --> 0:08:03.320 you know, there's all these random ways you can die, 0:08:03.400 --> 0:08:05.400 hit by a bus, disc golf, disc to the head. 0:08:05.760 --> 0:08:09.520 There's just the possibilities are endless. If you're gonna get 0:08:09.520 --> 0:08:12.400 a final destination, they would totally be getting disc golf 0:08:12.440 --> 0:08:14.440 to the head, right, Like if you're gonna go out, like, 0:08:14.480 --> 0:08:16.520 how would you like to go out? Probably that way, yeah, 0:08:16.560 --> 0:08:19.560 like on the course, like out in nature. Like it 0:08:19.600 --> 0:08:21.240 doesn't remind me of the first time I took my 0:08:21.280 --> 0:08:23.520 family out to play disc golf. I've never taken the 0:08:23.560 --> 0:08:28.240 girls out. And uh, I was walking with my I 0:08:28.280 --> 0:08:30.240 think at that point they were two and four and 0:08:30.320 --> 0:08:32.960 my wife, my wife throws her disk and she just 0:08:33.320 --> 0:08:35.559 she never plays disc golf, and she hit our four 0:08:35.600 --> 0:08:37.920 year old in the back of the head's like directly 0:08:38.360 --> 0:08:40.360 beamed or right in the back of the head. So 0:08:40.400 --> 0:08:44.120 my little disc golf teaching lesson ended really quickly and 0:08:44.480 --> 0:08:47.520 we headed home. I think everybody was crying, right like 0:08:47.760 --> 0:08:49.959 for sure. Yeah, so yeah, not a good day on 0:08:50.000 --> 0:08:51.599 the disc golf course. But that's yeah, that's probably the 0:08:51.600 --> 0:08:53.640 way I'd like to go. But yeah, we're all gonna go. 0:08:53.800 --> 0:08:55.720 And it's important to have a will because if you 0:08:55.760 --> 0:08:58.200 have any money in your name, or if you have 0:08:58.320 --> 0:09:01.840 young kids and a spouse, assets, whatever, you need to 0:09:01.880 --> 0:09:05.440 have a will. And we're not legal experts, but we 0:09:05.480 --> 0:09:08.120 can say with certainty that you want to make sure 0:09:08.200 --> 0:09:11.000 that in the event of your eventual death right it's 0:09:11.040 --> 0:09:13.480 gonna happen. It's inevitable for all of us. We just 0:09:13.520 --> 0:09:15.760 don't know when right that that that that you're not 0:09:15.880 --> 0:09:19.280 leaving a burden to your family or arguments to be 0:09:19.400 --> 0:09:21.839 made amongst the court systems and the people that have 0:09:21.960 --> 0:09:25.360 a vested interest in the outcome of where your possessions 0:09:25.440 --> 0:09:27.960 or your minor children go. You want to make sure 0:09:28.000 --> 0:09:30.079 that your will spells those things out so that you're 0:09:30.120 --> 0:09:32.200 not leaving it up to kind of chance and the 0:09:32.200 --> 0:09:36.400 whims of family arguments or the state right exactly if 0:09:36.400 --> 0:09:38.920 you die without a will, you know, the state is 0:09:38.960 --> 0:09:41.640 to decide who gets your kids and how your money 0:09:41.720 --> 0:09:44.920 is divided. This is called you know, dying intest states, 0:09:45.400 --> 0:09:48.720 which is a fun word kind of sounds like intestine. 0:09:49.040 --> 0:09:51.400 I wish I had a small intestate and a large intestate. 0:09:52.280 --> 0:09:54.880 It's like I'm going in from my intestate exam. But 0:09:55.320 --> 0:09:57.760 the estate at that point enter is probate. And that 0:09:58.040 --> 0:10:00.719 can be terrible because it can be really expensive. It 0:10:00.760 --> 0:10:03.720 can cost way more than a will, especially because wills 0:10:03.880 --> 0:10:06.839 can be free. Yeah, and I can also just take 0:10:06.880 --> 0:10:10.120 a long time and be a pretty stressful time when 0:10:10.280 --> 0:10:12.680 in the aftermath of your death, when your family is 0:10:12.760 --> 0:10:16.640 already incredibly emotional, there's a lot going on in preparing 0:10:16.679 --> 0:10:20.960 for the arrangements of your burial or cremation or whatever 0:10:21.000 --> 0:10:24.400 it may be, and adding on at probate court and 0:10:24.480 --> 0:10:27.959 the decisions that come along with determining where your assets 0:10:28.040 --> 0:10:30.880 end up, and the bickering that can happen even amongst 0:10:30.880 --> 0:10:34.880 families that care for one another and have a loving relationship, 0:10:35.240 --> 0:10:39.120 you know, during a post death scenario, it's it's just terrible, 0:10:39.120 --> 0:10:41.560 and so a will can just alleviate all these things. 0:10:41.679 --> 0:10:44.240 It's not so much for you. Right, you're dead, you're gone, 0:10:44.400 --> 0:10:46.440 but it's for your family members, the people that you 0:10:46.520 --> 0:10:49.480 care about. And doing that now, making sure that you 0:10:49.520 --> 0:10:52.120 get that will created now just gives you some peace 0:10:52.160 --> 0:10:55.000 of mind knowing that your family is taken care of 0:10:55.320 --> 0:10:59.080 when that stressful time eventually presents itself. Yeah, and I 0:10:59.120 --> 0:11:02.360 love what you said, which is that it's not for you. Like, 0:11:02.760 --> 0:11:05.320 that's what's so important about a will, is that it's 0:11:05.360 --> 0:11:07.520 it's for the people that you love. And I think, 0:11:07.559 --> 0:11:10.320 honestly that's the biggest reason why it gets pushed off. 0:11:11.040 --> 0:11:13.280 People think that, oh, I've got more time to do this. 0:11:13.320 --> 0:11:15.560 I can always do this tomorrow. This is something, This 0:11:15.640 --> 0:11:17.040 is a can I can just kick further down the 0:11:17.120 --> 0:11:20.160 road and I'll just delay. I'm not really gonna die, 0:11:20.320 --> 0:11:23.080 I mean, am I right? But fact is, anybody that 0:11:23.280 --> 0:11:27.480 dies without a will in test dates. Uh, that is 0:11:27.520 --> 0:11:29.880 what they think. That's the thought process that's going through 0:11:29.880 --> 0:11:32.439 their head. I get that. But at the same time, 0:11:32.440 --> 0:11:34.280 it's something that you need to take care of. And 0:11:34.360 --> 0:11:36.559 the good news is that it's quick and painless. And 0:11:36.600 --> 0:11:38.679 so after the break, we're gonna talk about the biggest 0:11:38.679 --> 0:11:41.240 reasons why you should have a will, and we'll talk 0:11:41.280 --> 0:11:54.199 about the costs associated with that. Hint is cheap. All right, Joe, 0:11:54.280 --> 0:11:56.880 let's talk about the big reasons why you've got to 0:11:56.960 --> 0:12:00.319 have a will and why it's not just for old people. Uh. First, 0:12:00.440 --> 0:12:01.720 I mean we kind of touched on this, right, but 0:12:01.720 --> 0:12:03.520 this is a crappy topic. This is sort of like 0:12:03.559 --> 0:12:06.600 we did the listener question not too long ago about 0:12:06.600 --> 0:12:10.199 life insurance, which is it's kind of crappy, similarly crappy topic. 0:12:11.080 --> 0:12:13.240 And I think maybe that's why we're kind of joking 0:12:13.280 --> 0:12:16.280 more about it, because we realize that it's not something 0:12:16.320 --> 0:12:18.400 that's really fun to talk about. It's just one of 0:12:18.440 --> 0:12:21.200 the things that you gotta do, and we've done it, 0:12:21.400 --> 0:12:23.120 and we're here to talk to you about it, and 0:12:23.120 --> 0:12:25.080 then I help you understand why you need to do 0:12:25.120 --> 0:12:27.880 it as well, and we'll just keep incorporating weird death 0:12:27.960 --> 0:12:31.040 jokes into this episode. And So the first reason you 0:12:31.080 --> 0:12:33.720 need to have a will is because with a will 0:12:33.760 --> 0:12:37.679 that you get to decide how your estate is distributed. 0:12:37.720 --> 0:12:39.760 And what that means is that you know, any of 0:12:39.800 --> 0:12:42.160 your assets, you get to decide, All right, do I 0:12:42.200 --> 0:12:43.800 want all this to go to my spouse? Do I 0:12:43.920 --> 0:12:46.959 want to go to my spouse, and twenty five to 0:12:47.160 --> 0:12:49.320 go to each one of my two kids. It's up 0:12:49.320 --> 0:12:51.520 to you. You can decide and shoot, maybe I want 0:12:51.520 --> 0:12:53.800 to have one of it to go towards this this 0:12:53.920 --> 0:12:56.800 charity or this nonprofit that you're a part of. Uh 0:12:56.880 --> 0:12:59.520 and for you that may not have happened were you 0:12:59.600 --> 0:13:01.320 to not have set up a will. These are all 0:13:01.360 --> 0:13:03.280 the different reasons why you want to have a will 0:13:03.559 --> 0:13:06.240 to decide where you want your assets to go. Joel, 0:13:06.400 --> 0:13:09.080 if you were to die, would you will me? Uh? 0:13:09.400 --> 0:13:12.800 Your folk art? You get my boom box. I've already 0:13:13.200 --> 0:13:15.720 decided on that. Like John Cusack sty album box on 0:13:15.720 --> 0:13:18.040 the shoulders, that's what you get, Bunny. You know, when 0:13:18.040 --> 0:13:20.800 I was younger, someone told me once that I reminded 0:13:20.840 --> 0:13:23.680 her of John Cusack. Really, what do you think about that? 0:13:23.880 --> 0:13:27.559 M Can you see it? Nope? She's like she's like 0:13:27.559 --> 0:13:31.000 like a blend between Richard Greer or gear. Why do 0:13:31.040 --> 0:13:32.720 you look like old people? I don't know. I mean 0:13:33.000 --> 0:13:34.600 even I was like twenty three at the time, too 0:13:34.679 --> 0:13:37.280 said definitely didn't make sense since then, but yeah, John 0:13:37.360 --> 0:13:40.120 Cusack and Richard I was like, I don't know how 0:13:40.160 --> 0:13:42.320 to take that, but we'll post a picture of you 0:13:42.520 --> 0:13:44.920 on the show notes and people can decide whether who 0:13:44.960 --> 0:13:47.120 you look more like, or maybe we won't post any 0:13:47.120 --> 0:13:48.880 pictures of me on the show notes and maybe instead 0:13:48.880 --> 0:13:50.640 you can just check out the countless selfies that Joel 0:13:50.640 --> 0:13:52.960 and I post. I did want to say, you didn't 0:13:53.000 --> 0:13:55.439 make my will in one area? No way. Please tell 0:13:55.480 --> 0:13:58.800 me you're the executor of my will, my friend, Yes 0:13:58.880 --> 0:14:01.320 you are. So I just want to let people know 0:14:01.400 --> 0:14:03.720 too that when you're creating a will, why did I 0:14:03.800 --> 0:14:06.920 not think of making you my executor? Uh? Probably because 0:14:06.920 --> 0:14:09.400 you chose someone that was smarter and probably better that 0:14:09.559 --> 0:14:13.000 suited to handle the job. Makes me a worse friend though, No, no, 0:14:13.080 --> 0:14:14.600 I don't want to be the exact That's a lot 0:14:14.640 --> 0:14:16.120 of work, dude, I set you up for a lot 0:14:16.120 --> 0:14:19.160 of work. Well, but you're not gonna die. Well that's 0:14:19.160 --> 0:14:22.600 probably true. Ever, yeah, I can agree with that. So 0:14:22.680 --> 0:14:26.080 to let people know the executor or executive tricks of 0:14:26.080 --> 0:14:30.360 a will is the person that will handle dispersing your 0:14:30.400 --> 0:14:33.800 assets and making sure that your final wishes are carried 0:14:33.840 --> 0:14:35.600 out in the manner that you wanted them to be 0:14:35.640 --> 0:14:38.320 carried out. And so you know, choosing the right person 0:14:38.400 --> 0:14:41.160 to handle that is great. You want someone that you 0:14:41.200 --> 0:14:44.120 know is kind of gonna be up for the paperwork 0:14:44.240 --> 0:14:49.200 and the relationship hassles of handling your estate after you passed. 0:14:49.320 --> 0:14:52.400 Do you know I love relationship conflict. I know. That's 0:14:52.400 --> 0:14:55.160 why I chose you. Detail orientation. I see now why 0:14:55.200 --> 0:14:57.120 you chose me. It's it's a match made in heaven. 0:14:57.440 --> 0:15:00.320 So you're my executor. So choose an executive or that 0:15:00.400 --> 0:15:03.800 you trust. I trust Matt. Choose either your podcast partner 0:15:03.880 --> 0:15:05.800 or your best friend. And you know what, it's even 0:15:05.800 --> 0:15:08.680 better if it's both. Ideally both I'm about that man. 0:15:08.720 --> 0:15:11.200 I like it. Also, another huge reason why you want 0:15:11.200 --> 0:15:12.720 to have a will is that we can We touched 0:15:12.720 --> 0:15:14.840 on this earlier, but you decide who gets to take 0:15:14.880 --> 0:15:17.640 care of your kids. So Joel mentioned the executor of 0:15:17.680 --> 0:15:20.280 the estates. What we're talking about now is the guardian. 0:15:20.360 --> 0:15:21.960 So if you have kids, you want to make sure 0:15:22.280 --> 0:15:25.320 that you've got somebody taking care of your kids that 0:15:25.400 --> 0:15:28.480 you want taking care of your kids. This is somebody 0:15:28.520 --> 0:15:31.880 too that you need to have talked to, unlike having 0:15:31.920 --> 0:15:34.120 it sprung on them at the last second of oh hey, 0:15:34.120 --> 0:15:37.320 by the way, you're the executor. Uh. Guardianship is who 0:15:37.320 --> 0:15:43.280 would do that. Um, hey, I accept guardianship though it's 0:15:43.280 --> 0:15:45.280 a I mean, it's a completely different thing, right, I mean, 0:15:45.280 --> 0:15:48.120 you're raising children, You're you're taking these these children on 0:15:48.160 --> 0:15:51.480 and you're loving them basically as as your own. And 0:15:51.840 --> 0:15:54.640 that's you know, that can be a really really tall 0:15:54.760 --> 0:15:56.840 order for folks. So that's a conversation that needs to 0:15:56.840 --> 0:15:59.600 be had. But as the parents, I knew that that's 0:16:00.160 --> 0:16:03.200 an opinion that I would have as to who raised 0:16:03.200 --> 0:16:05.320 our girls. And and so that's you know, that's a 0:16:05.400 --> 0:16:07.960 huge benefit of having a will set up. Yeah, you 0:16:08.080 --> 0:16:11.720 just don't want to leave that to chance, especially if 0:16:11.720 --> 0:16:14.680 you have kids. Right, Like your assets, like that's a 0:16:14.680 --> 0:16:17.120 big deal, but your kids, man, that's an even bigger deal. 0:16:17.160 --> 0:16:19.160 And so you just don't want to leave that to 0:16:19.800 --> 0:16:23.320 family arguments over who wants to take the kids. You 0:16:23.360 --> 0:16:25.520 want to be the person kind of writing that out, 0:16:25.600 --> 0:16:28.760 spelling out your wishes and making sure that once you die, 0:16:29.320 --> 0:16:31.880 that's what's carried out, right, And that's kind of that's 0:16:31.880 --> 0:16:34.080 a big position to be in. And so yeah, that's 0:16:34.080 --> 0:16:35.840 just something you need to think about, especially if you 0:16:35.880 --> 0:16:37.920 have young children. And so a lot of folks might 0:16:37.960 --> 0:16:40.200 be one and Joel, how expensive, is it? Don't I 0:16:40.200 --> 0:16:43.480 need a lawyer? Um? And you know, in some cases 0:16:43.520 --> 0:16:45.640 we would say, yeah, you do. You know, there's a 0:16:45.640 --> 0:16:49.920 lot of sort of more complicated situations that would call 0:16:50.000 --> 0:16:52.400 for a lawyer. You know, if you own property in 0:16:52.680 --> 0:16:55.200 other states, or if you have your own business, if 0:16:55.200 --> 0:16:58.320 they're severe medical issues. These are all sort of situations 0:16:58.680 --> 0:17:01.280 where you know, you deaf only want to involve lawyers. 0:17:01.440 --> 0:17:02.880 Or if you're like Matt and you've just got an 0:17:03.080 --> 0:17:06.359 enormous amount of assets, Yeah, exactly. Yeah, if you're me, 0:17:06.960 --> 0:17:10.000 then you definitely want to get the lawyers involved. Also, 0:17:10.000 --> 0:17:12.359 if you've got a pre nup that you created before 0:17:12.440 --> 0:17:14.480 you got married, if you have a spouse or a 0:17:14.520 --> 0:17:17.640 child with a disability, or that you believe that your 0:17:18.320 --> 0:17:21.000 will maybe contested a bunch of kids that argue, is 0:17:21.040 --> 0:17:23.320 that what you're saying? That, That's exactly what I'm saying. 0:17:23.600 --> 0:17:25.000 So you're you're gonna want to make sure you have 0:17:25.000 --> 0:17:27.440 a will laid out ahead of time. Yeah. Man. Basically, 0:17:27.480 --> 0:17:31.720 if you have a complicated financial or family situation or 0:17:31.800 --> 0:17:35.399 manners going on, you should consult a lawyer then. But 0:17:35.480 --> 0:17:38.840 oftentimes you do not need a lawyer if you have 0:17:39.080 --> 0:17:42.560 a simple boring family or a you know, pretty regular 0:17:42.880 --> 0:17:46.680 money situation looking at you, boring lawyers, guard family. Then 0:17:46.880 --> 0:17:49.760 for you, like those free will options or the you know, 0:17:50.119 --> 0:17:53.480 inexpensive will templates that are out there might be a 0:17:53.480 --> 0:17:55.480 great option for you, and we're going to talk about 0:17:55.520 --> 0:18:06.680 that right after this break. All right, Matt, we'll back 0:18:06.720 --> 0:18:09.600 to the break. We talked about how sometimes you don't 0:18:09.600 --> 0:18:12.199 need a lawyer to create a will, you can just 0:18:12.200 --> 0:18:14.920 do the free ones right in so many circumstances. Here's 0:18:14.960 --> 0:18:17.720 the problem. There are a lot of lawyers out there 0:18:17.800 --> 0:18:21.480 who will probably be emailing us after this episode is 0:18:21.520 --> 0:18:24.440 posted saying we're way off base, and then you need 0:18:24.480 --> 0:18:27.160 a lawyer to create a basic will, a basic document. 0:18:27.400 --> 0:18:31.440 But the problem is lawyer friends out there that that 0:18:31.560 --> 0:18:34.960 if there is this barrier to entry to creating a will, 0:18:35.040 --> 0:18:37.040 and most of us are never going to create any 0:18:37.080 --> 0:18:39.760 document at all if we have to go see a 0:18:39.840 --> 0:18:42.560 lawyer and pay the kind of sums that it takes 0:18:43.119 --> 0:18:45.800 in order to get that will created. And so while 0:18:46.160 --> 0:18:50.280 it might be the best case scenario to have an 0:18:50.320 --> 0:18:53.760 actual lawyer help you create this will, a lawyer that 0:18:53.880 --> 0:18:57.560 specializes in wills the States and trusts, well, it's kind 0:18:57.560 --> 0:19:00.680 of like how people actually ride an ee by versus 0:19:00.760 --> 0:19:04.440 letting their regular bike sit looking at myself in the mirror. 0:19:04.440 --> 0:19:07.719