November 2, 2021 • 10 mins
Our very own Money Moves Correspondent, Mara Hall, was on the streets of Greenwood asking the people some questions relating to Estate Planning.
Greenwood contest winner, Chris Boyd, Joins us as he answers some of the misconceptions about Estate Planning. Dispels all the myths relating to estate planning, the problem with oral wills, and how having a will and trust help while you are living.
Host IG: @itstanyatime
Corresponded: @mara_hall
Guest IG: @cboydmotley
ICYMI: Hear what Lori Douglas has to say about estate planning on yesterday's episode.
Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back, Money Movers. We're still here discussing our financial
legacies and how we can better prepare our families for
a stronger, wealthier future. Now, for many of us, thinking
(00:25):
on this level is new and somewhat uncomfortable. We're used
to giving thought to today and tomorrow, but generational wealth
is something that has played a major role in our planning.
And we have to plan for the good and the bad.
And as a result, there's a lot we don't know
because this topic is not easy, it's uncomfortable, and it
involves death. But what things may seem most important for
(00:48):
us to address while we're going to tell you? As
you know, mar Hall was out in Tulsa, Oklahoma, and
she sent us a video so we can understand the
word on the street and the ins and outs, what
you do know and what you need to know. Let's
take a look. Maraw Hall here with the Money Moves
podcast and we are live from Greenwood. We are here
(01:09):
with Mr Lavelle. How you doing mental Lavella? I'm good.
I'm good. He's doing good. We're gonna ask you a
few questions. Okay, have you started planning your estate after
you die? No? No, why not? Uh, I just I
just haven't haven't. I haven't gotten around to it. Copy that.
So if you don't have anything to pass on, do
(01:31):
you still need an estate plan? I would say yes.
I mean I do have stuff to pass on, so
I think I definitely need a state plan. Yeah. Need
to learn more about that. That's what I need to do.
I need to learn more about the state planning. Who
should make an estate plan? Uh? Me? Yeah, everybody should
(01:52):
making a state plan. I think it's need to be
more pop up educationals about that so we can learn
more about it as a people. Let's do it, everybody.
Let's do it everybody. Okay. Last question, is having an
estate plan the same as telling your family what you
want to happen after you die? I would say no, uh,
(02:16):
because one is like a will correct and then the
others uh kind of how you want your property or
valuable goods to be distributed, right, something like that. I'm guessing, guys,
I don't know. Well, you did a great job, Mr Laville,
Thank you so much. We are here live in Greenwood
with the Money Moves Podcast. I'm your girl, Marra Hall
and brother Laville Route to the Good Brothers and we're
(02:39):
all here, Greenwood, let's go. Thank you. I am here
with Mr Eric Robinson, Mr Derreck Robinson. Mr Robinson. What
do you feel a state planning is. I feel like
a state planning is something that you would pass on
to your younger your younger generations after you pass away.
So I see the you have a younger generation. You're
(03:01):
out here with your family, with your children, so that's
very important to you. So have you started planning for
your state after you die? Not quite yet, but I
will after this very very very very very important. So
if you don't have anything to pass on, do you
still need an estate plan? I would definitely say you do.
(03:21):
Even even without having the state plan, you would want
to have something to pass on to your kids in
the long run, keeping passing on generational wealth and making
sure that they're taking care of that your legacy continues. Yes, exactly, Okay,
Who do you think should make an estate plan? I
feel like the head of the household should make the
state plan. If the head of the household is the
(03:43):
one that's managing most of the money, he should definitely
be the one in charges, leaving the financial um financial
generational wealth to the next generation. Wonderful I totally agree.
I totally agree. I have a two year old daughter,
so I'm definitely planning everything to pass it on too.
So should someone that's not head of the household doing
(04:04):
a state plan I will say so yes, because it's
still either either way it goes. You would definitely want
to have a plan for your young ones to come
behind because you don't want to leave him out here
with anything. Absolutely, I totally agree. All right, Well, thank
you so much, Mr johnsonh for talking to us today
about the state planning. I know that you your kids
(04:24):
are in good hands because you're gonna make sure they
got their money in their pocket. Okay, Mara Hall here
Money Moves Podcast Live from Greenwood. Thanks Mara, and thanks
to your money Movers for sharing your questions and comments.
There is a lot to impact their way, too much
for one person, so of course I've asked for help
and I've called on my friend Chris Boyd. Chris, tell
(04:45):
us a little bit about yourself and what do you do, Hey, Tania,
thanks for having me only appreciate the time. I'm I'm
an entrepreneurs. I I do acting and I also do
content creation, but I'm also highly interested in making sure
I do better with manage my finances and why this
this is why this topic is so so passionate to me,
because I have made mistakes in the past and now
(05:07):
I'm trying to process, trying to make the recovery and
looking up things for financial planning. Is where I wanted
to go with that. Well, I appreciate you being here
and thank you so much for sharing it. This topic
is so important. You know. One of the things that
I think really resonated with me from the folks on
the street asking questions about estate planning is there's this
misnomer that planning for my estate doesn't make sense for
(05:28):
me because I don't have anything to pass down. I
don't have large amounts of wealth or in a state.
Can you talk a little bit about that for sure.
It's the problem is that when people hear the word
of state, their mind automatically goes to you must have
tremendous wealth. And while that is partly true, it's not
the only thing that counts as in the state. If
you have a car, bank account, or you know, a
(05:49):
life insurance planning, retireing plans, all those things count as
your estate. Anything that's tangible assets, those qualified for your state.
Even going beyond that, you look at jewelry, looms, things
that your family have. Those are all things you want
to make sure you have lined up to know where
they're going. And that's that that creates the generversial wealth
you mentioned earlier. That's a great comment because you know,
(06:11):
it starts as low as you have a bank account,
you have a car, you have any assets that you
want to distribute among your family members. Um. So it's
kind of nice to know that we all have some
form of an estate or not, and it's the time
is now to start planning for that. Um okay, Chris.
Another comment that I found really interesting is a lot
of people think I'm still pretty young and healthy. I'm
(06:33):
not worried about dying or death. It doesn't make sense
to worry about estate planning. That's for the old and
the sick. Can you talk a bit about that, well, yes,
and I agree with him that the groups you primarily
think of are the wealthy, sick, and Oh However, this
doesn't negate the fact that young adults and healthy adults
also need to have a plan too. You know, as
you mentioned earlier, facing mortality is a scary thing. But
(06:56):
it is our reality. You know, tomorrow's not promise, and
you want to make sure that your family is taken
care of if you care about them anyway, you want
to make sure that they have everything lined up so
there's no questions what you want done. And then someone's
designated to take care of your financial affairs and medical affairs.
And you know, it's one of those things where it's
like planning for tomorrow or ten years from now pays
off today. And this happens not only in our wealth
(07:19):
planning and investing, but also in managing our assets that
we have today. One of the other comments that we
saw is folks said, it doesn't make sense to pay
for somebody else to create a formal plan after I die,
I can just tell my family what I want. What
are your thoughts on that, Well, you know that's a
classic response to anyone that you ask if whether I
have am I going to do with the word, I'll
(07:40):
just tell people what I want to do. Well, the
problem with that, first of all, is that everybody thinks
they know what you want. Everybody knows what Nana wants, Oh, Nana.
One is to go this way, Nana want to go
that way? Having having clear guidelines, guarantees. All the gray
is gone now. Granted, oral wills are allowed in some states,
but there's quite a few hurdles you gotta get over
(08:02):
to make that legal. You gotta have competent witnesses, you
gotta have somebody write it down. They got to verify
your mental state. It's just a whole lot of extra
extra work that you don't need to do if you
can just sit down within a state planner and do
it the right way. Yeah, and it feels like it
just avoids a lot of conflict and drama. I mean,
at the end of the day, in oral will or
just assuming that your wishes will be carried out is
(08:22):
like playing broken telephone. Yes, and you will lose every time. Yeah, so, Chris.
Another thing that came up is the folks thought that
wills and trusts are only used when you die. Can
you tell us some use cases when we're actually alive. Well,
you know, people hear the term living will. So if
something God forbid happens to you and you you become
(08:43):
mentally or physically capacitated or both, you want to have
something that outlines what to do with your financial and
medical affairs. You don't want your family going to court
and fighting for guardianship and conservatorship, which is basically asking
the court to designate someone in your family to take
care of you. You just say, it's a lot of
stress and strange. Chris, thank you so much for being
here to help us unpack this and know it's a
(09:03):
tough conversation, but I hope that our Money Moves audience,
you know, really takes this to heart and it's just
starts to mull over these decisions that in the end
of the day can really help bring some comfort to
your family in future and Money Movers. If you want
to reach out to Chris Chris, please tell us where
they can find you. You can find me on Instagram
at at Sea Boyd Motley at see Boyd Motley. Great.
(09:26):
Thank you so much. Money Moves Family. Make sure you
stay with us. Our expert Loria and Douglas will be
back to tell us how to set up our families
for future success and wealth building and for a recap
of the Money Moves podcasts, Please be sure to check
out our blog on bank Greenwood dot com. Money Moves
(09:48):
is an i heeart radio podcast powered by Greenwood Executive
produced by Sunwise Media, Inc. For more podcast on iHeart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
you get your podcasts from.
Welcome back, Money Movers. We're still here discussing our financial
legacies and how we can better prepare our families for
a stronger, wealthier future. Now, for many of us, thinking
(00:25):
on this level is new and somewhat uncomfortable. We're used
to giving thought to today and tomorrow, but generational wealth
is something that has played a major role in our planning.
And we have to plan for the good and the bad.
And as a result, there's a lot we don't know
because this topic is not easy, it's uncomfortable, and it
involves death. But what things may seem most important for
(00:48):
us to address while we're going to tell you? As
you know, mar Hall was out in Tulsa, Oklahoma, and
she sent us a video so we can understand the
word on the street and the ins and outs, what
you do know and what you need to know. Let's
take a look. Maraw Hall here with the Money Moves
podcast and we are live from Greenwood. We are here
(01:09):
with Mr Lavelle. How you doing mental Lavella? I'm good.
I'm good. He's doing good. We're gonna ask you a
few questions. Okay, have you started planning your estate after
you die? No? No, why not? Uh, I just I
just haven't haven't. I haven't gotten around to it. Copy that.
So if you don't have anything to pass on, do
(01:31):
you still need an estate plan? I would say yes.
I mean I do have stuff to pass on, so
I think I definitely need a state plan. Yeah. Need
to learn more about that. That's what I need to do.
I need to learn more about the state planning. Who
should make an estate plan? Uh? Me? Yeah, everybody should
(01:52):
making a state plan. I think it's need to be
more pop up educationals about that so we can learn
more about it as a people. Let's do it, everybody.
Let's do it everybody. Okay. Last question, is having an
estate plan the same as telling your family what you
want to happen after you die? I would say no, uh,
(02:16):
because one is like a will correct and then the
others uh kind of how you want your property or
valuable goods to be distributed, right, something like that. I'm guessing, guys,
I don't know. Well, you did a great job, Mr Laville,
Thank you so much. We are here live in Greenwood
with the Money Moves Podcast. I'm your girl, Marra Hall
and brother Laville Route to the Good Brothers and we're
(02:39):
all here, Greenwood, let's go. Thank you. I am here
with Mr Eric Robinson, Mr Derreck Robinson. Mr Robinson. What
do you feel a state planning is. I feel like
a state planning is something that you would pass on
to your younger your younger generations after you pass away.
So I see the you have a younger generation. You're
(03:01):
out here with your family, with your children, so that's
very important to you. So have you started planning for
your state after you die? Not quite yet, but I
will after this very very very very very important. So
if you don't have anything to pass on, do you
still need an estate plan? I would definitely say you do.
(03:21):
Even even without having the state plan, you would want
to have something to pass on to your kids in
the long run, keeping passing on generational wealth and making
sure that they're taking care of that your legacy continues. Yes, exactly, Okay,
Who do you think should make an estate plan? I
feel like the head of the household should make the
state plan. If the head of the household is the
(03:43):
one that's managing most of the money, he should definitely
be the one in charges, leaving the financial um financial
generational wealth to the next generation. Wonderful I totally agree.
I totally agree. I have a two year old daughter,
so I'm definitely planning everything to pass it on too.
So should someone that's not head of the household doing
(04:04):
a state plan I will say so yes, because it's
still either either way it goes. You would definitely want
to have a plan for your young ones to come
behind because you don't want to leave him out here
with anything. Absolutely, I totally agree. All right, Well, thank
you so much, Mr johnsonh for talking to us today
about the state planning. I know that you your kids
(04:24):
are in good hands because you're gonna make sure they
got their money in their pocket. Okay, Mara Hall here
Money Moves Podcast Live from Greenwood. Thanks Mara, and thanks
to your money Movers for sharing your questions and comments.
There is a lot to impact their way, too much
for one person, so of course I've asked for help
and I've called on my friend Chris Boyd. Chris, tell
(04:45):
us a little bit about yourself and what do you do, Hey, Tania,
thanks for having me only appreciate the time. I'm I'm
an entrepreneurs. I I do acting and I also do
content creation, but I'm also highly interested in making sure
I do better with manage my finances and why this
this is why this topic is so so passionate to me,
because I have made mistakes in the past and now
(05:07):
I'm trying to process, trying to make the recovery and
looking up things for financial planning. Is where I wanted
to go with that. Well, I appreciate you being here
and thank you so much for sharing it. This topic
is so important. You know. One of the things that
I think really resonated with me from the folks on
the street asking questions about estate planning is there's this
misnomer that planning for my estate doesn't make sense for
(05:28):
me because I don't have anything to pass down. I
don't have large amounts of wealth or in a state.
Can you talk a little bit about that for sure.
It's the problem is that when people hear the word
of state, their mind automatically goes to you must have
tremendous wealth. And while that is partly true, it's not
the only thing that counts as in the state. If
you have a car, bank account, or you know, a
(05:49):
life insurance planning, retireing plans, all those things count as
your estate. Anything that's tangible assets, those qualified for your state.
Even going beyond that, you look at jewelry, looms, things
that your family have. Those are all things you want
to make sure you have lined up to know where
they're going. And that's that that creates the generversial wealth
you mentioned earlier. That's a great comment because you know,
(06:11):
it starts as low as you have a bank account,
you have a car, you have any assets that you
want to distribute among your family members. Um. So it's
kind of nice to know that we all have some
form of an estate or not, and it's the time
is now to start planning for that. Um okay, Chris.
Another comment that I found really interesting is a lot
of people think I'm still pretty young and healthy. I'm
(06:33):
not worried about dying or death. It doesn't make sense
to worry about estate planning. That's for the old and
the sick. Can you talk a bit about that, well, yes,
and I agree with him that the groups you primarily
think of are the wealthy, sick, and Oh However, this
doesn't negate the fact that young adults and healthy adults
also need to have a plan too. You know, as
you mentioned earlier, facing mortality is a scary thing. But
(06:56):
it is our reality. You know, tomorrow's not promise, and
you want to make sure that your family is taken
care of if you care about them anyway, you want
to make sure that they have everything lined up so
there's no questions what you want done. And then someone's
designated to take care of your financial affairs and medical affairs.
And you know, it's one of those things where it's
like planning for tomorrow or ten years from now pays
off today. And this happens not only in our wealth
(07:19):
planning and investing, but also in managing our assets that
we have today. One of the other comments that we
saw is folks said, it doesn't make sense to pay
for somebody else to create a formal plan after I die,
I can just tell my family what I want. What
are your thoughts on that, Well, you know that's a
classic response to anyone that you ask if whether I
have am I going to do with the word, I'll
(07:40):
just tell people what I want to do. Well, the
problem with that, first of all, is that everybody thinks
they know what you want. Everybody knows what Nana wants, Oh, Nana.
One is to go this way, Nana want to go
that way? Having having clear guidelines, guarantees. All the gray
is gone now. Granted, oral wills are allowed in some states,
but there's quite a few hurdles you gotta get over
(08:02):
to make that legal. You gotta have competent witnesses, you
gotta have somebody write it down. They got to verify
your mental state. It's just a whole lot of extra
extra work that you don't need to do if you
can just sit down within a state planner and do
it the right way. Yeah, and it feels like it
just avoids a lot of conflict and drama. I mean,
at the end of the day, in oral will or
just assuming that your wishes will be carried out is
(08:22):
like playing broken telephone. Yes, and you will lose every time. Yeah, so, Chris.
Another thing that came up is the folks thought that
wills and trusts are only used when you die. Can
you tell us some use cases when we're actually alive. Well,
you know, people hear the term living will. So if
something God forbid happens to you and you you become
(08:43):
mentally or physically capacitated or both, you want to have
something that outlines what to do with your financial and
medical affairs. You don't want your family going to court
and fighting for guardianship and conservatorship, which is basically asking
the court to designate someone in your family to take
care of you. You just say, it's a lot of
stress and strange. Chris, thank you so much for being
here to help us unpack this and know it's a
(09:03):
tough conversation, but I hope that our Money Moves audience,
you know, really takes this to heart and it's just
starts to mull over these decisions that in the end
of the day can really help bring some comfort to
your family in future and Money Movers. If you want
to reach out to Chris Chris, please tell us where
they can find you. You can find me on Instagram
at at Sea Boyd Motley at see Boyd Motley. Great.
(09:26):
Thank you so much. Money Moves Family. Make sure you
stay with us. Our expert Loria and Douglas will be
back to tell us how to set up our families
for future success and wealth building and for a recap
of the Money Moves podcasts, Please be sure to check
out our blog on bank Greenwood dot com. Money Moves
(09:48):
is an i heeart radio podcast powered by Greenwood Executive
produced by Sunwise Media, Inc. For more podcast on iHeart Radio,
visit the i heart Radio app, Apple Podcasts, or wherever
you get your podcasts from.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!