WEBVTT - You Can't Take it With You 0:00:03.520 --> 0:00:10.920 Welcome to j dot Il, a production of I Heart Radio. Well, 0:00:11.000 --> 0:00:18.959 Hello everybody. M m mmmm, what a week? What a week? 0:00:19.000 --> 0:00:22.120 When I tell you I have been working in every 0:00:22.160 --> 0:00:27.240 possible direction, I'm half alive. But it feels good because 0:00:27.280 --> 0:00:31.240 I'm doing something that I want to do. Welcome to 0:00:31.360 --> 0:00:33.920 j dot Ill the Podcast. I'm here with my sister 0:00:34.000 --> 0:00:38.800 friends Aga Grading dance La. That would be me learning 0:00:38.880 --> 0:00:44.839 Evening Afternoon's so loving you, just loving learning, good learning, 0:00:45.200 --> 0:00:51.080 good evening afternoon afternoon morning. I love you, Agent Grading Danceler. 0:00:51.640 --> 0:00:54.320 I love you too, JL. I feel like people are 0:00:54.320 --> 0:00:57.040 going to just start calling you agent grading Danceler because 0:00:57.040 --> 0:01:01.319 it's fine. It's actually fine. It's actually fine because when 0:01:01.320 --> 0:01:04.600 I go into the streets, people already say things that 0:01:04.640 --> 0:01:07.800 we say on here all the time, and they definitely 0:01:07.840 --> 0:01:11.039 give me the three namers from Supremacy for me, it's 0:01:11.120 --> 0:01:13.400 right to the Tennessee. I get a lot of listens. 0:01:13.680 --> 0:01:17.640 I get a lot of I'm sorry, I'm mixed up 0:01:17.640 --> 0:01:20.960 your phrases. It's black women for me. Yes, yes, always 0:01:21.720 --> 0:01:27.479 your black women. Also, here's my sister Layah sank clown. Yes. 0:01:27.760 --> 0:01:29.080 I just like to thank you for all your hard 0:01:29.160 --> 0:01:31.760 labor for our satisfaction. Thank you, Miss Jill Scott. I 0:01:31.800 --> 0:01:34.520 cannot wait to see the proofs of your labor. Yes, 0:01:34.640 --> 0:01:40.360 we're quite excited, baby, quite excited. We're turn off all 0:01:40.400 --> 0:01:43.560 the work, you dude, all the work that we do, really, 0:01:43.760 --> 0:01:45.960 all the work that we do. Everybody listening right now, 0:01:46.120 --> 0:01:49.080 all the work that we do. It's like, you know, 0:01:50.520 --> 0:01:53.080 there's a moment where you're like, yeah, yeah, because you 0:01:53.200 --> 0:01:56.640 paid off your car note, or because you know, you 0:01:56.720 --> 0:02:00.160 paid your mortgage, or you paid your rent, or are 0:02:00.200 --> 0:02:03.280 able to to buy yourself something real cute and feel 0:02:03.360 --> 0:02:05.960 good about it. You know. We, you know here in 0:02:06.000 --> 0:02:10.120 the United States, were like super consumers. We buy shit, 0:02:11.000 --> 0:02:16.120 that's when we do. We buy stuff. But maybe, just 0:02:16.520 --> 0:02:20.320 maybe we might want to consider buying some other things 0:02:20.400 --> 0:02:27.880 that will benefit our existence, not just our existence, dolling 0:02:28.360 --> 0:02:31.480 for for for our family and for the next generation 0:02:31.639 --> 0:02:35.480 of us because, as you know, this country is built 0:02:35.840 --> 0:02:40.120 off of the backs of brown people and indigenous people. 0:02:40.200 --> 0:02:43.840 We know these things and that money be long. There's 0:02:43.880 --> 0:02:46.760 a lot of millionaires in the United States now billion 0:02:48.160 --> 0:02:51.680 but wait, it's the billionaires that that that are blowing 0:02:51.760 --> 0:02:54.680 my mind. Like when you can spend twenty eight billion 0:02:54.880 --> 0:02:59.880 dollars on a business or seventy three billion dollars maybe 0:03:00.080 --> 0:03:07.840 means that primarily like millionaires are coma broke. Wow. All 0:03:07.919 --> 0:03:10.440 this time, you know, we've been like, yeah, one day 0:03:10.440 --> 0:03:14.160 I'm gonna be a millionaire. So that's like middle class, 0:03:15.040 --> 0:03:20.359 like exactly, damn, and I just got sad. And I 0:03:20.520 --> 0:03:24.320 also got sad as well. It's fine as well. I'm 0:03:24.480 --> 0:03:26.440 doing say all all of the all of the real 0:03:26.560 --> 0:03:28.240 ratchet things I want to say in my mind. I'm 0:03:28.240 --> 0:03:30.560 just gonna keep them in my mind for today because 0:03:30.960 --> 0:03:32.840 and find me a rich person to cuss out for 0:03:32.960 --> 0:03:38.680 no reason. That's what I'm I'm a person. There's definitely 0:03:39.280 --> 0:03:46.280 a big chasm in in finances. Huge. Wow. Well, we 0:03:46.360 --> 0:03:49.720 want to talk about some money, money, money, money today. Okay, 0:03:50.120 --> 0:03:53.800 So so put your seatbelt on and get ready. I 0:03:53.840 --> 0:03:56.960 would like for Agent grading Danzel to introduce our guests, 0:03:56.960 --> 0:04:00.880 because we got one. Are you ready you ship? We 0:04:00.960 --> 0:04:03.440 all know ship. This is a beautiful thing. Y'all are 0:04:03.440 --> 0:04:06.240 going to hear us be as quiet, quieter than you 0:04:06.320 --> 0:04:08.600 are used to us being in general, because we don't 0:04:08.640 --> 0:04:10.440 know what the hell to do with this. As we're 0:04:10.440 --> 0:04:13.360 talking about wealth. It's a real specific kind of wealth. Okay, 0:04:13.760 --> 0:04:16.000 and this has been the big word across the internet 0:04:16.160 --> 0:04:20.400 for quite some time, this little generational wealth. When I 0:04:20.520 --> 0:04:22.960 tell you, there are times in which it makes my 0:04:23.040 --> 0:04:25.800 scalp itch that people use it in ways that literally 0:04:25.880 --> 0:04:28.040 make no sense. So we're here to make this make 0:04:28.120 --> 0:04:30.520 sense for you. A quick thing before I tell you 0:04:30.600 --> 0:04:35.680 who our guest is. Seventy percent of Black families do 0:04:35.960 --> 0:04:39.320 not have a will or have any set up for 0:04:39.480 --> 0:04:42.039 if they were to leave this earth suddenly or even 0:04:42.200 --> 0:04:44.840 as old people. The fact of the manners that we 0:04:44.920 --> 0:04:49.200 are not prepared for said generational wealth and multiple ways, 0:04:49.320 --> 0:04:53.080 but today we're talking about a very specific way as 0:04:53.120 --> 0:04:56.720 it pertains to estate planning. And our guest today is 0:04:56.800 --> 0:05:00.160 Miss Jennifer Norton. Now, before starting her own practic, this 0:05:00.640 --> 0:05:03.840 was a member of the National Network of Estate Planning Attorneys, 0:05:04.200 --> 0:05:06.560 in which she worked for the CEO for almost five 0:05:06.680 --> 0:05:10.120 years before she started her own firm. Her practice is 0:05:10.200 --> 0:05:15.440 now concentrated on providing fully funded trust based because we 0:05:15.560 --> 0:05:17.880 know that the Blacks don't deal in trust too often 0:05:19.800 --> 0:05:24.560 at all. Okay, there we go, trust based estate plans 0:05:24.960 --> 0:05:28.680 currently serving over three hundred and fifty client families, so 0:05:28.839 --> 0:05:32.560 that means that she has the receipts and how we 0:05:32.680 --> 0:05:37.159 are a full service estate planning firm providing wills, trusts, 0:05:37.640 --> 0:05:44.400 powers of attorney, health and financial living wills, guardianship, conservativeship assistance, 0:05:44.800 --> 0:05:47.800 probate administration something that many of us know a little 0:05:47.839 --> 0:05:54.680 bit too much about, and strategic Medicaid qualification. Amen, ladies 0:05:54.760 --> 0:06:00.719 and gentlemen, Ladies and gentleman, once again, a black woman, 0:06:01.120 --> 0:06:03.280 because this is what we're here at the Jay dot 0:06:03.360 --> 0:06:09.760 il y'all give it up, y'all get it up our city, 0:06:09.839 --> 0:06:12.800 or y'all give it up for Jennifer Norton's right. You 0:06:12.880 --> 0:06:15.279 got you plenty of time to get your pins and paper, 0:06:15.320 --> 0:06:18.000 to get your pad out. Listen, thank you, thank you 0:06:18.160 --> 0:06:20.880 for having me. That was great. I need to take 0:06:20.920 --> 0:06:23.480 you on the road with me. This is what I do. 0:06:24.120 --> 0:06:26.680 Just turn up. Let's get these families. Let's get these 0:06:26.760 --> 0:06:29.920 families straight, starting with mine. Though I got excited to 0:06:29.960 --> 0:06:35.240 hear myself speak. You know, we'll tell us how did 0:06:35.320 --> 0:06:37.840 we get here? Because I know that's a that sounds 0:06:37.880 --> 0:06:40.320 like a simple question, but black folks need to know 0:06:40.480 --> 0:06:42.720 where we're at, like how do you get here? And 0:06:42.839 --> 0:06:44.920 what is our current state? Like what are we looking 0:06:44.960 --> 0:06:47.880 at here? We got here because we are the We 0:06:47.960 --> 0:06:51.560 have the highest discretionary incomes in this country. And Ms 0:06:51.680 --> 0:06:55.360 Jill Scott alluded to it. But we're consumers. We consume 0:06:55.760 --> 0:06:58.520 a lot of things, and so when the death occurs, 0:06:59.240 --> 0:07:02.520 we just are not prepared. Even though we may see things, 0:07:03.040 --> 0:07:06.080 you know, and social media, we'll see publicity and the news. 0:07:06.480 --> 0:07:10.280 We got here by sticking to the consumer mentality and 0:07:10.400 --> 0:07:14.160 believing that the American dream is unattainable. And even I 0:07:14.160 --> 0:07:15.920 don't even know what that means when you say that, 0:07:16.120 --> 0:07:18.600 what is that dream is? You know what I mean? 0:07:18.840 --> 0:07:21.560 That's a dream is different for different folks, for different reasons. 0:07:21.680 --> 0:07:25.400 And so I think that when it comes to us 0:07:25.480 --> 0:07:30.280 in general, we just spend. And so you look up 0:07:30.400 --> 0:07:33.320 and we're just cyclical. We're on the hamster wheel and 0:07:33.400 --> 0:07:35.560 no one is getting us off. And that's I mean, 0:07:35.800 --> 0:07:39.040 there's no other explanation. Because we all know how to 0:07:39.120 --> 0:07:40.800 do better, we just choose not to do better. We 0:07:40.960 --> 0:07:43.040 know better, we just don't do better. I don't I 0:07:43.120 --> 0:07:45.040 don't know. I mean, y'a saw Chad with Boseman. We've 0:07:45.040 --> 0:07:47.640 seen the Franklin, We've seen I think Whitney Houston was 0:07:47.680 --> 0:07:49.600 kind of are we too busy? Do we think we're 0:07:49.600 --> 0:07:51.640 too busy? Because when you bring that up, I'm like, yeah, 0:07:51.720 --> 0:07:54.800 there are resources, we know, Google, we know. Do we 0:07:54.880 --> 0:07:56.640 just think we're too busy and it's not gonna happen. 0:07:56.800 --> 0:08:01.840 I think it's also very uncomfortable talking about your demise, 0:08:02.080 --> 0:08:07.920 like and having multiple conversations about when you which is 0:08:08.280 --> 0:08:11.240 inevitable for all of us. And the fact that the 0:08:11.400 --> 0:08:15.000 fact that the Blacks, the black folk, the diasporaic folk 0:08:15.520 --> 0:08:19.000 tend to have to face ideas about death and their 0:08:19.040 --> 0:08:22.240 own mortality quite a bit. Perhaps it's just all a 0:08:22.320 --> 0:08:26.000 real massive trauma response. Who knows, but rather than you know, 0:08:26.240 --> 0:08:27.440 at the end of the day, we could come up 0:08:27.480 --> 0:08:29.440 with a different a lot of different reasons, that's why. 0:08:30.240 --> 0:08:32.400 But um, I think a big way to do it 0:08:32.520 --> 0:08:35.120 is communication because what happens is that it is when 0:08:35.160 --> 0:08:39.400 that one person that you trust and you know says 0:08:39.480 --> 0:08:41.840 to you, hey, have you done this? And then they say, well, 0:08:41.920 --> 0:08:45.160 I did it. And because we are a definitely a 0:08:45.280 --> 0:08:49.400 community driven people, we are a grio driven people, we 0:08:49.600 --> 0:08:52.440 want to know from others how they did it? One 0:08:52.480 --> 0:08:55.360 are their stories? How does that? Those are the things 0:08:55.440 --> 0:08:57.760 that validate things for us if we see a commercial 0:08:57.960 --> 0:09:00.680 or we see somebody tell us something. And like I said, 0:09:00.720 --> 0:09:04.960 we trust base people. Now we don't tend to trust lawyers. 0:09:05.040 --> 0:09:08.520 And you know, we might buy a little product from them, 0:09:08.800 --> 0:09:11.880 but we don't trust them. We're a very secretive race. 0:09:12.000 --> 0:09:14.360 If you if you're talking about black folks, yeah, we're 0:09:14.360 --> 0:09:17.000 always talking about black folks. Okay, Well, then when when 0:09:17.360 --> 0:09:20.840 I get with families in particular, especially the black man, 0:09:21.679 --> 0:09:25.920 he's very close knit to the chest with about the finances. 0:09:26.360 --> 0:09:28.199 I've even had families where they didn't even want to 0:09:28.280 --> 0:09:30.839 leave the money to the women, their spouses. They left 0:09:30.880 --> 0:09:34.240 it to their children by passing a spouse. So when 0:09:34.280 --> 0:09:36.280 it comes to you know, you do make it both 0:09:36.320 --> 0:09:38.480 all of you make a good point that when it 0:09:38.520 --> 0:09:41.840 comes to our community, we don't share. My granny when 0:09:41.920 --> 0:09:44.400 she died, she had a tin can under her bed, 0:09:44.559 --> 0:09:46.719 you know what I mean, Like nobody knew you know 0:09:47.000 --> 0:09:49.760 what was in it. You're back and not touch it, 0:09:49.960 --> 0:09:51.600 you know what I mean, And only a few people 0:09:51.679 --> 0:09:54.479 knew where it was. So when it comes to our community, 0:09:54.880 --> 0:09:57.599 we are very secretive about finances. And I think that 0:09:57.720 --> 0:10:00.400 sometimes may even have a little to do with shame, 0:10:00.679 --> 0:10:01.880 you know what I mean, Because I feel like we 0:10:02.559 --> 0:10:05.480 always feel like we should be better, and sometimes we 0:10:05.559 --> 0:10:10.000 even portray ourselves as being more advanced and more financially 0:10:10.320 --> 0:10:12.599 well off than we are. And then you then the 0:10:12.679 --> 0:10:15.760 death occurs, and then everybody sees, well, she she looked 0:10:15.800 --> 0:10:21.160 like she had it all together and exactly got barely 0:10:21.200 --> 0:10:23.040 two pennies to rub together. And so I think that 0:10:23.160 --> 0:10:26.320 that's what tends to happen, is the shame around money 0:10:26.440 --> 0:10:28.400 and the where we thought we were supposed to be 0:10:28.720 --> 0:10:31.160 and then we're just and sometimes unfortunately in our community, 0:10:31.160 --> 0:10:34.559 we're just very comparison driven. Right. I think what you 0:10:34.640 --> 0:10:37.439 said is like you're you're seeing these people aspired or 0:10:37.440 --> 0:10:40.679 different things, and so we put on these masks. So 0:10:41.000 --> 0:10:42.640 when you come to see me, you gotta take that 0:10:42.760 --> 0:10:45.840 thing off, right, because I can't plan for you if 0:10:45.880 --> 0:10:48.880 you don't tell me everything you have or don't have, right, 0:10:49.160 --> 0:10:50.880 And I care either way, you know what I mean, 0:10:50.880 --> 0:10:53.200 Because the cards are gonna come out the way they're 0:10:53.200 --> 0:10:54.959 gonna come out, whether you tell me or not tell me. 0:10:55.040 --> 0:10:57.400 It's just gonna be worse if you don't tell me. Yeah, 0:10:57.400 --> 0:10:59.960 I mean, maybe maybe what you said about the American dream. 0:11:00.000 --> 0:11:05.160 Aim is the American like illusion. People really want to 0:11:05.720 --> 0:11:09.320 have this illusion as if they have what they believe 0:11:09.400 --> 0:11:12.120 well to look like and they don't want anyone to 0:11:12.240 --> 0:11:14.280 know they don't quite have it. But can we just 0:11:14.400 --> 0:11:17.319 say this all so many sources of shame around this 0:11:17.520 --> 0:11:21.520 that would feed that, right music? You got music, be like, yeah, 0:11:21.600 --> 0:11:23.439 I got so, and so that means that I'm a 0:11:23.480 --> 0:11:25.880 better hustler than you. That means I work harder than you. 0:11:26.160 --> 0:11:29.599 You got folks talking about I came from nothing and 0:11:29.800 --> 0:11:32.480 you can do it too, because I came from nothing. 0:11:32.600 --> 0:11:34.120 So it's like, well, if I came from nothing and 0:11:34.200 --> 0:11:36.360 I didn't do it, then what does that say about me? 0:11:36.960 --> 0:11:38.920 So I think a lot of times there's a lot 0:11:39.080 --> 0:11:44.079 of sources to the shame man. And also what is nothing? 0:11:44.440 --> 0:11:47.360 Because we came on this zoom today we were like 0:11:47.400 --> 0:11:49.319 we got friends. We mentioned this conversation and like, I 0:11:49.480 --> 0:11:51.959 gotta know a state, what a trust? Like? That's the 0:11:52.160 --> 0:11:54.199 rich people. So maybe we need to really talk to 0:11:54.320 --> 0:11:56.880 about the kind of people and hop about this one too. 0:11:57.040 --> 0:11:58.640 I ain't got no family, I've got no kids, I 0:11:58.640 --> 0:12:01.120 ain't got nothing to leave nobody, So let's talk about 0:12:01.120 --> 0:12:05.280 the things student, start thinking this way, you're supposed to 0:12:05.320 --> 0:12:07.959 do that. Yeah, who is this for? That is a 0:12:08.200 --> 0:12:12.239 perfect question, because that's actually how when I do presentations, 0:12:12.240 --> 0:12:14.439 when I'm educating the public. That's the main reason I 0:12:14.520 --> 0:12:16.599 started my own practices. I didn't see many of my 0:12:16.800 --> 0:12:20.200 people over there. I was servicing a firmness had almost 0:12:20.280 --> 0:12:23.079 three people, but I probably could count on two hands 0:12:23.160 --> 0:12:25.520 how many were the same color as me, and half 0:12:25.559 --> 0:12:27.160 of them with my people, you know what I mean. 0:12:27.240 --> 0:12:30.199 So the thing of that is so starting this practice 0:12:30.600 --> 0:12:33.800 helped me to get the word out because the issue 0:12:33.920 --> 0:12:37.280 is people didn't think they had a states. Everybody has 0:12:37.360 --> 0:12:40.200 in the state. If you have a bank account, a house, 0:12:40.520 --> 0:12:43.640 a car. If you have at a minimum a bank 0:12:43.679 --> 0:12:45.679 account and a car, you got in the state that 0:12:45.760 --> 0:12:47.679 needs to be passed. And then if you have the 0:12:47.760 --> 0:12:51.599 other assets, if you have life insurance, retirement plans, you 0:12:51.720 --> 0:12:55.000 have businesses, then of course now your state is growing. 0:12:55.120 --> 0:12:57.920 But everybody in this world has in the state. If 0:12:57.920 --> 0:12:59.520 you have a bank account. Now, if you don't use 0:12:59.600 --> 0:13:01.599 banks in Okay, then maybe you got a car and 0:13:01.720 --> 0:13:04.280 we can get by, you know, some other avenue to 0:13:04.360 --> 0:13:07.040 get that car transferred. But yes, we have in the state, 0:13:07.080 --> 0:13:09.600 and then two you you lead into another. One issue 0:13:09.720 --> 0:13:13.080 is a lot of single people think they I feel 0:13:13.120 --> 0:13:17.080 like they know they need planning, they just don't because 0:13:17.520 --> 0:13:20.679 they're just so independent. And if they don't have children, 0:13:20.720 --> 0:13:23.240 they're thinking, well, what is my legacy? And so that 0:13:23.480 --> 0:13:27.680 word generational wealth really gets on my nerves because most people, 0:13:28.000 --> 0:13:30.680 and I say this all the time, everybody always talks 0:13:30.720 --> 0:13:34.959 about it, but rarely will anyone ever achieve it right one, 0:13:35.080 --> 0:13:37.560 because we keep having the conversation about wills and wills. 0:13:37.760 --> 0:13:40.160 They pass well from one generation to the next, but 0:13:40.240 --> 0:13:44.000 they don't preserve it for a generation that's more than 0:13:44.080 --> 0:13:47.079 two steps away from you, because people blow through the 0:13:47.120 --> 0:13:49.160 money in the first five or teen years. And so 0:13:49.280 --> 0:13:51.760 when you talk about generational wealth, it's not only a 0:13:51.800 --> 0:13:55.000 conversation that should be about finances. We should be truly 0:13:55.040 --> 0:13:57.719 talking about legacy, like how do you want to be 0:13:57.880 --> 0:14:00.200 remembered when you leave this earth? Even if you don't 0:14:00.200 --> 0:14:03.880 have children, you could be scholarship fuzz. You paid the 0:14:03.960 --> 0:14:08.000 way to do X y Z. You know, um act 0:14:08.160 --> 0:14:11.080 in this world, and so you're gonna show other people 0:14:11.160 --> 0:14:13.160 this is how you do it. And I'm gonna provide 0:14:13.200 --> 0:14:15.400 the finances to get there because I know most people 0:14:15.880 --> 0:14:19.800 can't get there without money. And so legacy in general 0:14:20.200 --> 0:14:23.320 is it's more than about wealth. I mean, I don't 0:14:23.320 --> 0:14:25.320 care if you put a tree, you know, in somebody's yard. 0:14:25.640 --> 0:14:27.120 You know what I mean, you better the earth could 0:14:27.120 --> 0:14:29.280 be better oxygen on this planet or something like that. 0:14:29.760 --> 0:14:33.800 But when you get when you're single, your legacy is 0:14:33.920 --> 0:14:36.320 more than just your finances. The same thing with married people. 0:14:36.360 --> 0:14:40.080 Married people incorrectly believe that my spouse can handle all 0:14:40.160 --> 0:14:42.800 my assets and take care of everything. They cannot. Try 0:14:42.840 --> 0:14:46.480 calling Social Security, trying, you know, try calling some any 0:14:46.600 --> 0:14:49.640 government agency or any institution in your names out on 0:14:49.680 --> 0:14:53.480 the account. These institutions don't know if you're separated, you're 0:14:54.040 --> 0:14:57.320 got a divorce pending, um, you're really you know, got 0:14:57.440 --> 0:15:02.760 a protective just a if you I didn't want to 0:15:02.760 --> 0:15:07.440 say that, they don't know. Yeah, there you go. But 0:15:07.560 --> 0:15:10.000 so when it comes to your point that I'll bring 0:15:10.040 --> 0:15:12.680 it home, is that everyone has an estate because you 0:15:12.760 --> 0:15:16.240 have something something that you cove it. Whether someone else 0:15:16.280 --> 0:15:18.720 covers it or not, it's a gift, it's a blessing. 0:15:18.840 --> 0:15:21.640 Someone's gonna take it, use it and and make it, 0:15:22.080 --> 0:15:24.320 you know, improve their life whatever it is, however large 0:15:24.400 --> 0:15:27.320 or small it is. And then too, as a single person, 0:15:27.360 --> 0:15:29.720 if you have no children, you still have assets, you 0:15:29.760 --> 0:15:31.840 still have an estate. Now what your legacy gonna be? 0:15:32.160 --> 0:15:34.800 Now that's internal, that's the thing you and that's my 0:15:34.960 --> 0:15:37.560 job as an estate planning attorney to help you uncover. 0:15:38.120 --> 0:15:40.080 How do you want to be remembered? Because I don't 0:15:40.160 --> 0:15:41.560 I mean, I don't want to be that person. I 0:15:41.640 --> 0:15:43.400 said this on one of my reels the other day. 0:15:43.640 --> 0:15:46.720 You can either be blessed or cursed, and I ain't 0:15:46.760 --> 0:15:49.240 trying to be cursed. I don't want nobody. Why did 0:15:49.400 --> 0:15:51.600 she have no life insurance? And we gotta do this? 0:15:51.760 --> 0:15:54.520 Go fund me. I don't want none of them parts 0:15:54.600 --> 0:15:59.320 associated with my name. I'm just saying, you dropped the 0:15:59.360 --> 0:16:09.200 Mica couples times. I appreciate girl, you did more real 0:16:09.280 --> 0:16:21.640 talk after the break. If you don't have your your 0:16:21.720 --> 0:16:24.600 pencil and paper, please y'all politics and go get it, 0:16:25.040 --> 0:16:27.760 because I'm about to ask this question and I need 0:16:27.840 --> 0:16:30.920 to know because this is like this a state for dummies. 0:16:30.960 --> 0:16:34.600 Hear me, Okay, listen, that's what I'm here for. So 0:16:34.800 --> 0:16:38.800 what is the difference between a will and a trust? Okay? 0:16:38.960 --> 0:16:42.320 Great question. Okay, so they are both sets of instruction, 0:16:43.080 --> 0:16:46.240 pieces of paper that tell your property or to go. Okay, 0:16:46.400 --> 0:16:48.960 so let me back up, if you do nothing. We 0:16:49.120 --> 0:16:52.520 all know that our states have statutory rules on how 0:16:52.560 --> 0:16:55.840 we're to distribute our assets. Right, So a lot of people, 0:16:56.120 --> 0:16:58.440 especially if you're married, you may think it all goes 0:16:58.480 --> 0:17:02.560 to my spouse In Indiana, that's not the law. In Indiana, 0:17:02.680 --> 0:17:05.080 if you die in an asset is less solely in 0:17:05.200 --> 0:17:08.639 your name, with no joint ownership and no beneficiary designation, 0:17:09.080 --> 0:17:13.040 our state gets fifty to the spouse to the children 0:17:13.200 --> 0:17:16.720 when you die, right, So most people are not expecting that. 0:17:16.960 --> 0:17:19.800 But every state is different. So wills are state specific. 0:17:19.880 --> 0:17:22.080 So you have to check your state law about how 0:17:22.160 --> 0:17:24.959 things are transferred when people die. And they say, well, 0:17:25.000 --> 0:17:28.440 my state didn't go through probade, my it passed immediately, 0:17:28.480 --> 0:17:31.280 We just gave a death certificate. Well, that happened because 0:17:31.320 --> 0:17:34.480 the person's name was either jointly on the account or 0:17:34.640 --> 0:17:38.440 listed as the beneficiary on a policy like life insurance, 0:17:38.480 --> 0:17:43.480 retirement plans and annuities. Those are contractual agreements. Right, So 0:17:43.720 --> 0:17:47.240 by law, the minute of death occurred, ownership transferred by 0:17:47.359 --> 0:17:49.840 contract to that person they were just waiting on a 0:17:49.880 --> 0:17:53.680 death certificate. When you get a will, a will is saying, 0:17:53.760 --> 0:17:56.840 hold up, Indiana, I don't like you given fifty to 0:17:56.920 --> 0:17:59.480 my kids. This our money. I wanted to go to 0:17:59.640 --> 0:18:02.520 my bows, and then when my spouse dies, I wanted 0:18:02.560 --> 0:18:05.080 to go to my kids. So a will is a 0:18:05.200 --> 0:18:09.920 document that will help you alter the default. But this 0:18:10.119 --> 0:18:13.480 is important that most people one will's only control things 0:18:13.600 --> 0:18:16.400 in your individual name. So again, if it has something 0:18:16.520 --> 0:18:20.600 jointly owned or beneficiary, the will cannot control it because 0:18:20.640 --> 0:18:24.280 it's already contractually spoken for. But if you say you 0:18:24.359 --> 0:18:25.960 had a straight bank account, so a lot of black 0:18:26.000 --> 0:18:27.919 women do this, this is my spending money. Or here, 0:18:27.920 --> 0:18:30.080 they ain't got worried about this, this account over here, 0:18:30.160 --> 0:18:32.640 this this is my play money, right, the play money. 0:18:32.720 --> 0:18:35.119 If you don't could have beneficiary and you leave it 0:18:35.200 --> 0:18:38.399 solely in your name, then the will can control that 0:18:38.560 --> 0:18:42.200 asset because will's only control things that are less solely 0:18:42.359 --> 0:18:46.800 in your name, and then they only instruct the probate 0:18:46.920 --> 0:18:50.720 court how to distribute your assets. So people say, oh, 0:18:51.040 --> 0:18:52.800 he should have got a will, she should have got 0:18:52.880 --> 0:18:55.080 a will when they died, But they started to sit 0:18:55.160 --> 0:18:57.679 and saying why they had a court all in their business. 0:18:57.720 --> 0:19:00.840 They shouldn't have been going through probate. You just said, 0:19:00.960 --> 0:19:03.679 go get a will, will tell the probate court how 0:19:03.760 --> 0:19:08.360 to disturb your assets. So the public is either miss 0:19:08.400 --> 0:19:11.960 been misinformed or again we're just repeating things we keep hearing. 0:19:12.600 --> 0:19:16.800 But wills, all wills go through probate court something. It's 0:19:16.840 --> 0:19:18.800 no Somebody try to argue about that with me the 0:19:18.840 --> 0:19:20.400 other day, and I said, ma'am, I paid a hunt 0:19:20.400 --> 0:19:22.880 at thun for this degree. So I don't know who 0:19:22.960 --> 0:19:25.560 you learn from, but I'll tell you right now. I 0:19:25.680 --> 0:19:31.520 paid good money to tell you you are incorrect, blatantly incorrect. 0:19:31.960 --> 0:19:36.760 So you're a girl. So funny because I told them 0:19:36.880 --> 0:19:41.199 the time, I'd be like, listen my library card exactly, 0:19:42.720 --> 0:19:48.440 it's function exactly exactly. Okay. Sometimes you gotta check people. 0:19:48.520 --> 0:19:55.360 You gotta let them know that's right anyway. So, Jennifer, 0:19:55.480 --> 0:19:57.480 do you think that everybody shouldn't we should kind of 0:19:57.560 --> 0:20:01.919 know our little state laws when it comes to this word. Absolutely, 0:20:02.040 --> 0:20:05.159 because in Indiana, so I I put you read it 0:20:05.200 --> 0:20:07.639 in my bio. I do do will based planning. But 0:20:07.800 --> 0:20:11.440 in our state, in the state of Indiana, in my practice, 0:20:12.400 --> 0:20:15.119 I help my clients avoid probate. So the will is 0:20:15.200 --> 0:20:17.800 just a backup because our state allows us to put 0:20:18.160 --> 0:20:21.440 beneficiaries on not just your life insurance or tire plans 0:20:21.440 --> 0:20:23.560 and nuties. Every state will allow you to do that 0:20:23.600 --> 0:20:27.240 because that's an institutional thing, right. Most institutions will allow 0:20:27.280 --> 0:20:29.639 you to put beneficiaries on your bank accounts, investment account. 0:20:29.640 --> 0:20:33.240 Now there are certain cryptocurrencies and certain assets and certain 0:20:33.240 --> 0:20:35.480 companies that may say no, we don't do beneficiaries, but 0:20:35.520 --> 0:20:37.359 they will move to that because they don't want their 0:20:37.400 --> 0:20:40.320 money at some other institutions, so eventually their their rules 0:20:40.359 --> 0:20:43.160 are changing. But the state of Indiana will also allows 0:20:43.240 --> 0:20:46.200 to put beneficiaries directly on real estate. It's called a 0:20:46.280 --> 0:20:49.760 transfer on death deeds. So everybody knows the concept of 0:20:49.880 --> 0:20:51.880 t o D and p o D. That just means 0:20:52.200 --> 0:20:55.720 transfer on death payable on death, So you can put 0:20:55.800 --> 0:20:59.240 those payable on death or transfer on death designations on 0:20:59.320 --> 0:21:02.480 your bank accoun ount, on investment accounts, you can put 0:21:02.520 --> 0:21:04.919 them on real estate in Indiana. Like I said, it's 0:21:04.920 --> 0:21:07.520 called a transfer on death deed. Not every state allows 0:21:07.560 --> 0:21:10.040 you to do a transfer on death deed, like Georgia doesn't. 0:21:10.320 --> 0:21:13.640 I think North Carolina doesn't. Yeah, so there's a number 0:21:13.640 --> 0:21:16.600 of states that don't allow that. And then in Indiana, 0:21:16.640 --> 0:21:18.800 we can also put beneficiaries on our car at the 0:21:18.840 --> 0:21:21.639 Bureau of Motor Vehicles, and we can put beneficiaries on 0:21:21.840 --> 0:21:25.960 businesses on LLC's. Again, those things are state specific on 0:21:26.040 --> 0:21:29.800 whether you can literally touch every asset and put beneficiaries. 0:21:30.080 --> 0:21:32.560 That's one thing this good old state. It ain't good 0:21:32.600 --> 0:21:34.080 for a lot of things, but it is one thing 0:21:34.200 --> 0:21:37.080 they did here, right, is we can put beneficiaries on 0:21:37.240 --> 0:21:39.879 all of our assets so that we never need to 0:21:40.000 --> 0:21:42.400 use the will. Right because the minute the death occurs, 0:21:42.560 --> 0:21:47.440 everything trains transfer immediately. Immediately the will becomes like a backup. 0:21:47.560 --> 0:21:50.760 What if my long lost relative dies and I'm the beneficiary? 0:21:50.880 --> 0:21:53.040 Or these class action lawsuits, So y'all saw the class 0:21:53.080 --> 0:21:56.280 action lawsuit for perms is coming around. So if you 0:21:56.400 --> 0:21:59.399 had a perm there's a class action lawsuit, find you 0:21:59.400 --> 0:22:01.760 a black person to go get it, get in line 0:22:01.800 --> 0:22:04.080 with there's a big class action lawsuit for a bunch 0:22:04.160 --> 0:22:06.280 of the one just for me, all of them. And 0:22:06.400 --> 0:22:08.840 so if you were to die before that class action 0:22:09.040 --> 0:22:12.119 lawsuit is settled, then the then your will is on 0:22:12.359 --> 0:22:14.640 file with the court. When the death occurs, we will 0:22:15.240 --> 0:22:17.320 it's called spread the will of record will spread it 0:22:17.359 --> 0:22:19.480