May 16, 2025 • 25 mins
Welcome back to Boomer Time! It's your host, Nancy Cogar, here today to talk about something that can feel a little intimidating: estate planning. And you know what? I hear from so many of you who feel like your questions might be "dumb." Let me tell you something right off the bat – when it comes to protecting your future and the people you love, there's absolutely no such thing as a "dumb" question.
In this episode, I want to create a really comfortable space for us to explore some of those questions that might feel a little awkward or even obvious to ask. We'll gently unpack things like the difference between a will and a trust – in plain English, of course. We'll also touch on how to even begin these important conversations. Trust me, I've seen it all, and I understand that this process can feel overwhelming.
My goal today is to demystify estate planning for you. It's perfectly okay if you're not sure where to start or if you're worried about asking the "wrong" questions. In fact, seeking clarity is the most intelligent thing you can do. Remember, everyone's situation is unique. What might seem like a simple question to one person could be the key to unlocking a crucial piece of your own estate plan.
So, if you've been putting off thinking about wills, trusts, or what will happen to your precious belongings because you're unsure of where to begin or afraid to ask what you think might be a silly question, please listen in. My hope is that by the end of our time together, you'll feel more empowered, better informed, and ready to take those important first steps with real confidence. Let's dive in and discover that the only "dumb" question is the one you keep to yourself.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:13):
Hello there, my friends Nancy Kogar and Boomer Time.
Thanks for joining me today. I hope you're doing well out
there. Hey, guess what?
We're at episode 6868. Can you believe it?
How exciting. I am so excited about 68 and I'm
looking forward to having you along on the next 68.
(00:35):
We're here to stay, Boomer Time.Time is making a big difference.
I hear from so many of you telling me that this has made
such a major difference in thosedecisions that you're trying to
make when it comes to caring foryour older parents or even your
own decisions about estate planning.
What do I do next? Do I need to do this?
(00:57):
You know, sometimes questions just seem like, you know, I
wondered about that for a long time, but I, I don't want to
answer. Ask it rather because it just
seems dumb, right? Dumb.
Well, you might feel that way about, you know, questions You
might ask a lawyer. No, I can't ask that.
(01:19):
That's just a stupid question. Well, I'm here to tell you, and
you've heard it before. There is no such thing as a
stupid question. The only dumb question, as you
know, is the question that's never asked, right?
So today we are going to be talking about dumb questions
that aren't so dumb. I could probably learn a thing
(01:40):
or two in some of these questions because the
circumstances are always different, which makes the
questions and the answers different sometimes.
And that's why you need an agingadvocate like me, right?
We'll guide you through that process, so strap yourself in.
Today we're going to be talking about dumb questions you were
(02:02):
afraid to ask #1 is how old do you need to be to make a will?
Well, that's a good question. And you know, I would advise you
that it probably the same as being old enough to make a
contract because a will really is a legal document that you're
(02:23):
signing and contract is essentially the same thing but
for different purposes, right? So if you are under 18, you are
not able to make a contract thatis enforceable unless there's
some other specifications involved.
You might need someone else to sign along with you if you're an
(02:45):
adult. So I would say just generally
you have to be at least 18 yearsold.
Now, there's some things you cando.
You know, if you're a mega millionaire and you're 15 years
old, I'm sure your parents are helping you with your estate
planning, but I suspect that that's not most of you out
there. If it is and you need help with
(03:06):
estate planning, give me a call.I can help with planning for
your 15 year old with Mega Millions.
So I think that that's the standard question would be 18.
You know, most people, over 1870% of them don't have
anything. So I'm speaking to the masses on
(03:28):
the other side of 18. Here's another question.
How old? How old do I need to be to
receive an inheritance? Well, you know, that is not a
dumb question at all. That's a very good question and
an important question because here's the deal.
A lot of times when I meet with people, they'll want to give
(03:51):
things to their grandkids, right?
Maybe even their great grandkids.
Well, guess what, if you are under 18 years old, you cannot
legally receive an inheritance. When I say receive, that means
have it in your hands and have possession of it.
So there's some things that you need to do to make sure that you
(04:13):
know if you want your minor grandkids or great grandchildren
to get something, you need to take some extra steps to make
sure that it would be held for their benefit until they become
a certain age. And a lot of times you can
specify what age. So if you don't do that, you may
(04:34):
be looking at the court appointing a guardian, someone
outside of your family. That money may rest in the court
until that person becomes of ageand that can include a lot of
additional cost. I'm sure that's not what you
want. Here's another question, and I
(04:55):
think this is one that, you know, we may think but really
isn't true. Do I have to be rich to create a
will? Well, what's rich, right?
I mean, if you have something, most of us have something, you
want to protect that, right? You earned it, you worked for
(05:18):
it. So don't you want to have some
say in where it's going to go? I would think so.
So if you have something and youwant to have some direction over
where it goes and you don't wantthe government controlling who's
going to get it, then I think you need a will.
So, you know, if you're a mega millionaire, you know, you
(05:41):
probably get into some more tax planning and all this stuff.
But most people have about $500,000 or less.
And most often that's a house, right?
That's real estate. You, you need to do some things
to make sure that the way you want it to pass after you're
(06:03):
done using it is, you know, memorialized in something
enforceable like a will. So that's my answer to that
question. So here on the other side, I
don't think anybody really wantsto ask this question, but it's a
good question. So what happens if you don't
have a will? Well, you know, I would say
(06:28):
essentially you're forfeiting your right to decide or have a
say in who gets what from your state.
I don't think you want to do that.
Why would you want to forfeit your rights?
That doesn't make sense to me. And it's a simple process.
So what happens if you don't have a will?
Well, you're essentially saying that the state in which you live
(06:51):
in gets to decide who gets your stuff.
You know, with the amount of family difficulties and
conflicts that are going on, I have a feeling that most of you
out there probably wouldn't wantthat to happen, especially if
you've got people in your familywho spend money like it's going
(07:14):
through their hands or have all kinds of problems and you worked
hard for that stuff. So you want to you want to make
sure that you're leaving a legacy that matters.
So we're going to continue with these so-called dumb questions
and I'm going to take a quick break and see they're not that
dumb. Stick with me.
(07:47):
Welcome back. I'm so glad you're back.
And you know, I'm so glad that I'm hearing from more of you.
I want to hear what you think ofthe podcast.
Hopefully it's positive, but I do want to hear what you have to
say about the podcast and I wantto know what you're thinking,
what your questions are. They may make a great episode
coming up. So, so reach out, go to
(08:09):
nancykogar.com and and send me aline.
So I wanted to share a story coming back here.
I do get interesting questions from time to time, things that
sometimes I'm not expecting. So I'd one recently that I got
(08:31):
was a question from a woman. She was an adult and her mother,
her elderly mother had just passed away.
OK so her mother passed away andshe left a will.
This lady wasn't too happy with what the will said.
(08:51):
She thought it was wrong and that she should be getting her
mother's things and not her other two sisters.
All right, maybe that's true. I don't know.
But her mom made a decision to make her will and that was what
happened. Well, she asked me if she could
(09:15):
come in and change her mother's will so that it read the way it
should read, that she gets everything and her sisters don't
get anything. No, no, no, no, no.
You cannot do that. This is your mother's will, not
your will. And the testator or the will
(09:39):
maker, the intent of the testator is king.
So if that's what she wanted, that's what she memorialized,
that's what she signed, and that's the last will and
testament, then that is what should be submitted to the
court. So no, if you want to take your
(10:01):
stuff and give it to somebody specific, then make a will,
right? But that was a real question,
believe it or not. Here's another one which more
people should probably ask this question.
Honestly. Where?
Where should I keep my will after I sign it?
(10:24):
Keep it somewhere where people can find it and access it and
they know where it is. OK, because you would not
believe the amount of times I get emails from the Bar
Association with people asking do you have a will for so and so
or does anybody have a will for so and so lost will?
(10:45):
Please help all the time, people.
OK, So please tell people where they can find your will and make
sure that's the original will. That is the one that's needed.
OK, one other point about that. If you put your will in a safe
deposit box at the bank, make sure there is someone else on
(11:11):
the account. Here's the problem.
When you die, the bank is going to freeze that account.
They will not let anybody accessthat safe deposit box.
So we can't get your will, and alot of times when that happens,
(11:33):
we have to file something in court saying you don't have a
will just so we can get your will.
And then we've got to go back tocourt to bring the will to court
and show that you have a will unnecessary and creates
additional expense time, right? So don't do that either.
(11:58):
But where do you keep your will?Somewhere where people can find
it and tell them where it is andmake sure it's the original.
So, you know, it does take a process to have assets pass
sometimes. It's state law, right?
(12:19):
Here's a question. Will I get my mom's house when
she passes away? Will I get my mom's house when
she passes away? Maybe, right?
First of all, it's her house. There's a lot of ifs there.
OK, If she has a will and she's left it to somebody else, then
(12:43):
no. If she doesn't have a will and
she doesn't, she doesn't have anybody on the deed, then maybe
if you've got brothers and sisters in that kind of
circumstance, then most of you, more often than not, all of you
(13:06):
would inherit a piece of the house.
So then you got to Duke it out with them, you know, maybe pay
the value to them. Or maybe you're not able to do
that. It's not as easy as you think,
right? Here's another problem.
Mom's house. Say mom ends up in a nursing
home and she gets help with the nursing home cost.
(13:30):
Well, more often than not, the house is going to be an issue
when it comes to paying back that debt.
That is called 10 care recovery here in the state.
And it's not that the state's being mean.
They actually have a requirementto recover money that is paid
(13:53):
out for those benefits. So it's their job.
And more often than not, the house is the the asset that they
go after because most people have a house.
So that probably didn't answer your question, right?
You wanted to know if mom's house was going to go to you
when she passes away. But you can see, you can see how
(14:16):
complicated this is. So it's not always as obvious as
it seems, Right? Well, I brought this one up
before, but can I change my mom's will?
Absolutely not. No, don't do that.
You are probably invalidating her will by doing that.
(14:40):
First of all, you know, I've seen people right in the corners
on this side, you know, put a little scratch through something
they decide they don't want in the will.
Don't do that. Don't do that.
That will create a huge legal problem and may invalidate your
(15:02):
will all together because we don't know, first of all, if you
made those changes. When I say you, I mean the
person who made the will or maybe somebody else did it, or
maybe you didn't know what you were doing when you did that.
We don't know when you did that.So those are all kinds of
questions that come up before a court and it is not easy to
(15:24):
answer those questions. It is also not inexpensive to
answer those questions. So do not do that.
First of all, have a will. And this is something you know,
you can go back to my do it You can, you can do a handwritten
(15:46):
will in the state of Tennessee as long as it's all in your
handwriting, dated and signed and identified as your will.
But I wouldn't rely on that if you don't have to.
And that's because I've seen litigation over that issue.
We have to prove that it's the handwriting.
(16:07):
We have to prove that it's a will.
We have to prove that it was intended to be a will.
You're just setting yourself up for disputes, really.
So invest in a real will. And I can help you with that, of
course, but that's my advice. And see, it's not a stupid
(16:28):
question. Let's see.
I want to look down at my notes here, but I've already answered
a couple of these. But what to do with the
original? Will, I kind of touched on this
before, but you know, you leave an estate planner's office and
(16:50):
you're going to get, or you should get the originals.
You'll get copies, may get more copies.
What do you do with all that stuff?
Well, hopefully you're not goingto put it in a envelope or keep
it in the envelope it was in andshove it in a drawer.
That's not not the right thing to do with that.
(17:10):
Like I said before, it has to besomewhere where we know where to
find it because especially the will, the original will is
necessary in order to be probated.
The original will, that means the ink signature and the
witnesses ink signature and the notary, that's on it, the
original. If you do not have the original,
(17:35):
then under the state law here inTennessee, there is a
presumption that you revoked it,that you tore it up, you decided
you didn't want it and that's that.
So there is a process to have a copy acknowledged as a will, as
(17:57):
the will, but that's a process, right?
So anything that's a process under the law costs money and
takes time. So I'm just trying to tell you
to avoid that. Just make sure you have your
original will where it can be found.
See, these aren't such stupid questions and I've got even
(18:18):
more. So stick with me and we'll be
right back. Welcome back to Boomer Time.
It's your host, Nancy Kogar. So glad you're here.
(18:41):
We're talking so-called dumb questions that you don't want to
ask about estate planning. And you can see dumb questions
really aren't that dumb because common sense is not so common,
and obvious is not so obvious, right?
Here's a question that you may have mulling around in your head
(19:03):
but are reluctant to ask. Do I have to leave my stuff to
my family? Well, no, but you have to
specify that in an enforceable document.
(19:23):
But there's lots of people that you can leave things to other
than your family. In fact, I have a lot of people
that exclude family members fromtheir estate planning, and you
can do that too. I have folks that give to
charities. They give to numerous charities.
(19:47):
They give to friends. Sometimes friends are closer
than family. Here's one for you.
They give to their pets. Yes, pets.
I know those furry friends. They're so beloved.
Why not leave your millions to them?
(20:07):
You know I laugh, but it happensmore than you would realize.
I even had a a story where a lady left everything to her
parakeets. You bet her family was mad,
right? You need, you need some
specifics if you're going to leave things to your pets.
You can't leave cash to your pets.
(20:27):
You have to provide for their care and so forth.
There was a dachshund in in New York that one woman left a lot
of money to, and her two sons were not too happy about that.
And included a budget as far as the dachshund walking around in
(20:48):
New York in the time and the exercise that that the dog
needed and the clothing and the care and the food.
And it worked. So yeah, you got to put some
thought into this, OK? Because it's not as simple as
you think. And no, you don't have to leave
things to your family. But if you don't do anything,
(21:12):
that's who it's going to go to. It's going to follow your blood.
So anyway, another question thatI'm asked is how much do I need
in order to put in a will? Well, you know, everybody always
thinks the guy next door has more than you do and that that's
(21:35):
not necessarily true. In fact, the most common amount
in the state of Tennessee is often seen with a small estate.
There's actually a law here in the state where you can file a
small estate and that means anything less than $50,000.
(22:01):
So yeah, 50,000 is still a lot of money, but you know you're
not going to find a house aroundhere for $50,000 and, and even
cars, right? So that value can add up.
So 50,000, you know that give you an idea, but most full
(22:23):
probates are, you know, around 500,000 and less.
You got to remember most of Tennessee is pretty rural.
Of course, in Chattanooga, there's there's more wealth than
there might be in other areas. Nashville, you know, you
probably see some really big estates with the, the country
music folks and, and land ownersand things like that.
(22:46):
But you don't, you don't need a certain amount.
I would say that you, you reallyneed just the motivation to
decide where you want your stuffto go, right And have some say
in that. There are provisions you can put
in place, you know, to control the distribution of your money
(23:07):
over time. If you want someone to use it
for a specific purpose, you can do that.
There's a lot of opportunity. This really is a creative
process. You know, I know 70% of people
are avoiding doing it, but most people when they they finish
with me, they say, well, you've really made this easy.
(23:28):
You've made this really manageable and to me that makes
me feel like I've, I've done, I've done right and, and of
course we've gotten the work done.
So that's, that's a plus plus. I am looking down at my list
here and the the next question really is what happens if I
(23:54):
don't find like they can't find my documents?
Well, if they can't find them, then they're not going to be
enforceable. So that goes back to, you know,
when I talked about the original, put it somewhere where
it can be found and we know where it is.
(24:16):
If you make a will and you take the time to make it and it's
valid and we can't find it, thenit can't be probated.
You need court action in order to put what's in the will into
place. That's that's how that works.
Well, I think the lesson here isthat dumb questions really
(24:39):
aren't that dumb. And a lot of times people ask me
questions. Well, maybe not a lot of times,
but sometimes people ask me questions and I don't
immediately know the answer. You know, there's endless kind
of circumstances, but I can findit.
That's what we why we call this a practice.
(25:02):
So I wanna be involved in that process for you.
So if you haven't.
Hello there, my friends Nancy Kogar and Boomer Time.
Thanks for joining me today. I hope you're doing well out
there. Hey, guess what?
We're at episode 6868. Can you believe it?
How exciting. I am so excited about 68 and I'm
looking forward to having you along on the next 68.
(00:35):
We're here to stay, Boomer Time.Time is making a big difference.
I hear from so many of you telling me that this has made
such a major difference in thosedecisions that you're trying to
make when it comes to caring foryour older parents or even your
own decisions about estate planning.
What do I do next? Do I need to do this?
(00:57):
You know, sometimes questions just seem like, you know, I
wondered about that for a long time, but I, I don't want to
answer. Ask it rather because it just
seems dumb, right? Dumb.
Well, you might feel that way about, you know, questions You
might ask a lawyer. No, I can't ask that.
(01:19):
That's just a stupid question. Well, I'm here to tell you, and
you've heard it before. There is no such thing as a
stupid question. The only dumb question, as you
know, is the question that's never asked, right?
So today we are going to be talking about dumb questions
that aren't so dumb. I could probably learn a thing
(01:40):
or two in some of these questions because the
circumstances are always different, which makes the
questions and the answers different sometimes.
And that's why you need an agingadvocate like me, right?
We'll guide you through that process, so strap yourself in.
Today we're going to be talking about dumb questions you were
(02:02):
afraid to ask #1 is how old do you need to be to make a will?
Well, that's a good question. And you know, I would advise you
that it probably the same as being old enough to make a
contract because a will really is a legal document that you're
(02:23):
signing and contract is essentially the same thing but
for different purposes, right? So if you are under 18, you are
not able to make a contract thatis enforceable unless there's
some other specifications involved.
You might need someone else to sign along with you if you're an
(02:45):
adult. So I would say just generally
you have to be at least 18 yearsold.
Now, there's some things you cando.
You know, if you're a mega millionaire and you're 15 years
old, I'm sure your parents are helping you with your estate
planning, but I suspect that that's not most of you out
there. If it is and you need help with
(03:06):
estate planning, give me a call.I can help with planning for
your 15 year old with Mega Millions.
So I think that that's the standard question would be 18.
You know, most people, over 1870% of them don't have
anything. So I'm speaking to the masses on
(03:28):
the other side of 18. Here's another question.
How old? How old do I need to be to
receive an inheritance? Well, you know, that is not a
dumb question at all. That's a very good question and
an important question because here's the deal.
A lot of times when I meet with people, they'll want to give
(03:51):
things to their grandkids, right?
Maybe even their great grandkids.
Well, guess what, if you are under 18 years old, you cannot
legally receive an inheritance. When I say receive, that means
have it in your hands and have possession of it.
So there's some things that you need to do to make sure that you
(04:13):
know if you want your minor grandkids or great grandchildren
to get something, you need to take some extra steps to make
sure that it would be held for their benefit until they become
a certain age. And a lot of times you can
specify what age. So if you don't do that, you may
(04:34):
be looking at the court appointing a guardian, someone
outside of your family. That money may rest in the court
until that person becomes of ageand that can include a lot of
additional cost. I'm sure that's not what you
want. Here's another question, and I
(04:55):
think this is one that, you know, we may think but really
isn't true. Do I have to be rich to create a
will? Well, what's rich, right?
I mean, if you have something, most of us have something, you
want to protect that, right? You earned it, you worked for
(05:18):
it. So don't you want to have some
say in where it's going to go? I would think so.
So if you have something and youwant to have some direction over
where it goes and you don't wantthe government controlling who's
going to get it, then I think you need a will.
So, you know, if you're a mega millionaire, you know, you
(05:41):
probably get into some more tax planning and all this stuff.
But most people have about $500,000 or less.
And most often that's a house, right?
That's real estate. You, you need to do some things
to make sure that the way you want it to pass after you're
(06:03):
done using it is, you know, memorialized in something
enforceable like a will. So that's my answer to that
question. So here on the other side, I
don't think anybody really wantsto ask this question, but it's a
good question. So what happens if you don't
have a will? Well, you know, I would say
(06:28):
essentially you're forfeiting your right to decide or have a
say in who gets what from your state.
I don't think you want to do that.
Why would you want to forfeit your rights?
That doesn't make sense to me. And it's a simple process.
So what happens if you don't have a will?
Well, you're essentially saying that the state in which you live
(06:51):
in gets to decide who gets your stuff.
You know, with the amount of family difficulties and
conflicts that are going on, I have a feeling that most of you
out there probably wouldn't wantthat to happen, especially if
you've got people in your familywho spend money like it's going
(07:14):
through their hands or have all kinds of problems and you worked
hard for that stuff. So you want to you want to make
sure that you're leaving a legacy that matters.
So we're going to continue with these so-called dumb questions
and I'm going to take a quick break and see they're not that
dumb. Stick with me.
(07:47):
Welcome back. I'm so glad you're back.
And you know, I'm so glad that I'm hearing from more of you.
I want to hear what you think ofthe podcast.
Hopefully it's positive, but I do want to hear what you have to
say about the podcast and I wantto know what you're thinking,
what your questions are. They may make a great episode
coming up. So, so reach out, go to
(08:09):
nancykogar.com and and send me aline.
So I wanted to share a story coming back here.
I do get interesting questions from time to time, things that
sometimes I'm not expecting. So I'd one recently that I got
(08:31):
was a question from a woman. She was an adult and her mother,
her elderly mother had just passed away.
OK so her mother passed away andshe left a will.
This lady wasn't too happy with what the will said.
(08:51):
She thought it was wrong and that she should be getting her
mother's things and not her other two sisters.
All right, maybe that's true. I don't know.
But her mom made a decision to make her will and that was what
happened. Well, she asked me if she could
(09:15):
come in and change her mother's will so that it read the way it
should read, that she gets everything and her sisters don't
get anything. No, no, no, no, no.
You cannot do that. This is your mother's will, not
your will. And the testator or the will
(09:39):
maker, the intent of the testator is king.
So if that's what she wanted, that's what she memorialized,
that's what she signed, and that's the last will and
testament, then that is what should be submitted to the
court. So no, if you want to take your
(10:01):
stuff and give it to somebody specific, then make a will,
right? But that was a real question,
believe it or not. Here's another one which more
people should probably ask this question.
Honestly. Where?
Where should I keep my will after I sign it?
(10:24):
Keep it somewhere where people can find it and access it and
they know where it is. OK, because you would not
believe the amount of times I get emails from the Bar
Association with people asking do you have a will for so and so
or does anybody have a will for so and so lost will?
(10:45):
Please help all the time, people.
OK, So please tell people where they can find your will and make
sure that's the original will. That is the one that's needed.
OK, one other point about that. If you put your will in a safe
deposit box at the bank, make sure there is someone else on
(11:11):
the account. Here's the problem.
When you die, the bank is going to freeze that account.
They will not let anybody accessthat safe deposit box.
So we can't get your will, and alot of times when that happens,
(11:33):
we have to file something in court saying you don't have a
will just so we can get your will.
And then we've got to go back tocourt to bring the will to court
and show that you have a will unnecessary and creates
additional expense time, right? So don't do that either.
(11:58):
But where do you keep your will?Somewhere where people can find
it and tell them where it is andmake sure it's the original.
So, you know, it does take a process to have assets pass
sometimes. It's state law, right?
(12:19):
Here's a question. Will I get my mom's house when
she passes away? Will I get my mom's house when
she passes away? Maybe, right?
First of all, it's her house. There's a lot of ifs there.
OK, If she has a will and she's left it to somebody else, then
(12:43):
no. If she doesn't have a will and
she doesn't, she doesn't have anybody on the deed, then maybe
if you've got brothers and sisters in that kind of
circumstance, then most of you, more often than not, all of you
(13:06):
would inherit a piece of the house.
So then you got to Duke it out with them, you know, maybe pay
the value to them. Or maybe you're not able to do
that. It's not as easy as you think,
right? Here's another problem.
Mom's house. Say mom ends up in a nursing
home and she gets help with the nursing home cost.
(13:30):
Well, more often than not, the house is going to be an issue
when it comes to paying back that debt.
That is called 10 care recovery here in the state.
And it's not that the state's being mean.
They actually have a requirementto recover money that is paid
(13:53):
out for those benefits. So it's their job.
And more often than not, the house is the the asset that they
go after because most people have a house.
So that probably didn't answer your question, right?
You wanted to know if mom's house was going to go to you
when she passes away. But you can see, you can see how
(14:16):
complicated this is. So it's not always as obvious as
it seems, Right? Well, I brought this one up
before, but can I change my mom's will?
Absolutely not. No, don't do that.
You are probably invalidating her will by doing that.
(14:40):
First of all, you know, I've seen people right in the corners
on this side, you know, put a little scratch through something
they decide they don't want in the will.
Don't do that. Don't do that.
That will create a huge legal problem and may invalidate your
(15:02):
will all together because we don't know, first of all, if you
made those changes. When I say you, I mean the
person who made the will or maybe somebody else did it, or
maybe you didn't know what you were doing when you did that.
We don't know when you did that.So those are all kinds of
questions that come up before a court and it is not easy to
(15:24):
answer those questions. It is also not inexpensive to
answer those questions. So do not do that.
First of all, have a will. And this is something you know,
you can go back to my do it You can, you can do a handwritten
(15:46):
will in the state of Tennessee as long as it's all in your
handwriting, dated and signed and identified as your will.
But I wouldn't rely on that if you don't have to.
And that's because I've seen litigation over that issue.
We have to prove that it's the handwriting.
(16:07):
We have to prove that it's a will.
We have to prove that it was intended to be a will.
You're just setting yourself up for disputes, really.
So invest in a real will. And I can help you with that, of
course, but that's my advice. And see, it's not a stupid
(16:28):
question. Let's see.
I want to look down at my notes here, but I've already answered
a couple of these. But what to do with the
original? Will, I kind of touched on this
before, but you know, you leave an estate planner's office and
(16:50):
you're going to get, or you should get the originals.
You'll get copies, may get more copies.
What do you do with all that stuff?
Well, hopefully you're not goingto put it in a envelope or keep
it in the envelope it was in andshove it in a drawer.
That's not not the right thing to do with that.
(17:10):
Like I said before, it has to besomewhere where we know where to
find it because especially the will, the original will is
necessary in order to be probated.
The original will, that means the ink signature and the
witnesses ink signature and the notary, that's on it, the
original. If you do not have the original,
(17:35):
then under the state law here inTennessee, there is a
presumption that you revoked it,that you tore it up, you decided
you didn't want it and that's that.
So there is a process to have a copy acknowledged as a will, as
(17:57):
the will, but that's a process, right?
So anything that's a process under the law costs money and
takes time. So I'm just trying to tell you
to avoid that. Just make sure you have your
original will where it can be found.
See, these aren't such stupid questions and I've got even
(18:18):
more. So stick with me and we'll be
right back. Welcome back to Boomer Time.
It's your host, Nancy Kogar. So glad you're here.
(18:41):
We're talking so-called dumb questions that you don't want to
ask about estate planning. And you can see dumb questions
really aren't that dumb because common sense is not so common,
and obvious is not so obvious, right?
Here's a question that you may have mulling around in your head
(19:03):
but are reluctant to ask. Do I have to leave my stuff to
my family? Well, no, but you have to
specify that in an enforceable document.
(19:23):
But there's lots of people that you can leave things to other
than your family. In fact, I have a lot of people
that exclude family members fromtheir estate planning, and you
can do that too. I have folks that give to
charities. They give to numerous charities.
(19:47):
They give to friends. Sometimes friends are closer
than family. Here's one for you.
They give to their pets. Yes, pets.
I know those furry friends. They're so beloved.
Why not leave your millions to them?
(20:07):
You know I laugh, but it happensmore than you would realize.
I even had a a story where a lady left everything to her
parakeets. You bet her family was mad,
right? You need, you need some
specifics if you're going to leave things to your pets.
You can't leave cash to your pets.
(20:27):
You have to provide for their care and so forth.
There was a dachshund in in New York that one woman left a lot
of money to, and her two sons were not too happy about that.
And included a budget as far as the dachshund walking around in
(20:48):
New York in the time and the exercise that that the dog
needed and the clothing and the care and the food.
And it worked. So yeah, you got to put some
thought into this, OK? Because it's not as simple as
you think. And no, you don't have to leave
things to your family. But if you don't do anything,
(21:12):
that's who it's going to go to. It's going to follow your blood.
So anyway, another question thatI'm asked is how much do I need
in order to put in a will? Well, you know, everybody always
thinks the guy next door has more than you do and that that's
(21:35):
not necessarily true. In fact, the most common amount
in the state of Tennessee is often seen with a small estate.
There's actually a law here in the state where you can file a
small estate and that means anything less than $50,000.
(22:01):
So yeah, 50,000 is still a lot of money, but you know you're
not going to find a house aroundhere for $50,000 and, and even
cars, right? So that value can add up.
So 50,000, you know that give you an idea, but most full
(22:23):
probates are, you know, around 500,000 and less.
You got to remember most of Tennessee is pretty rural.
Of course, in Chattanooga, there's there's more wealth than
there might be in other areas. Nashville, you know, you
probably see some really big estates with the, the country
music folks and, and land ownersand things like that.
(22:46):
But you don't, you don't need a certain amount.
I would say that you, you reallyneed just the motivation to
decide where you want your stuffto go, right And have some say
in that. There are provisions you can put
in place, you know, to control the distribution of your money
(23:07):
over time. If you want someone to use it
for a specific purpose, you can do that.
There's a lot of opportunity. This really is a creative
process. You know, I know 70% of people
are avoiding doing it, but most people when they they finish
with me, they say, well, you've really made this easy.
(23:28):
You've made this really manageable and to me that makes
me feel like I've, I've done, I've done right and, and of
course we've gotten the work done.
So that's, that's a plus plus. I am looking down at my list
here and the the next question really is what happens if I
(23:54):
don't find like they can't find my documents?
Well, if they can't find them, then they're not going to be
enforceable. So that goes back to, you know,
when I talked about the original, put it somewhere where
it can be found and we know where it is.
(24:16):
If you make a will and you take the time to make it and it's
valid and we can't find it, thenit can't be probated.
You need court action in order to put what's in the will into
place. That's that's how that works.
Well, I think the lesson here isthat dumb questions really
(24:39):
aren't that dumb. And a lot of times people ask me
questions. Well, maybe not a lot of times,
but sometimes people ask me questions and I don't
immediately know the answer. You know, there's endless kind
of circumstances, but I can findit.
That's what we why we call this a practice.
(25:02):
So I wanna be involved in that process for you.
So if you haven't.
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