November 5, 2025 • 16 mins
We strip estate planning down to what matters: simple documents that protect your wishes and spare your family from conflict. Jason Knapps joins us to bust myths, map decisions by life stage, and lay out a clear starting checklist and next steps.
• what estate planning covers beyond assets
• essential documents: will, financial and medical powers, directives
• keeping beneficiaries aligned with current wishes
• review cadence and triggers after life events
• common myths: not rich, too young, the state will handle it
• planning without children and charitable giving
• life stage priorities from 20s to 50s and beyond
• how to start: inventory, trusted people, advisor, attorney
• online forms versus professional customization
• real outcomes: family conflict versus smooth transitions
• contact details for expert guidance
Subscribe to the Money Matters Podcast, and visit neighborsfcu.org slash financial wellness for more tools to help you build a strong financial future
Have an idea for a show or a question for Kim? Send us a text message
Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.
The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_00 (00:02):
Welcome to Money Matters, the podcast that
focuses on how to use the moneyyou have, make the money you
need, and save the money youwant.
Now, here is your host, Ms.
SPEAKER_01 (00:12):
Kim Chapman.
Welcome to another edition ofMoney Matters.
Today we're going to talk abouta subject that is often
forgotten and overlooked (00:19):
estate planning.
And usually the problem is thatpeople make the mistake of
thinking it's only for thewealthy, or that, hey, I can do
it tomorrow because I'm youngand I have plenty of time.
But those are two myths.
So if you were about to changethe station, turn us off,
listen, because no matter whatyour age, no matter what your
(00:41):
income, no matter what assetsyou may have or not have,
there's going to be someinformation you're going to
learn today.
And I have an expert here toguide us along the way.
So returning back to the studiowith neighbor's wealth
management is our very own JasonApps.
Hello, how are you?
I am doing well, Jason.
How about you?
Doing good, doing good.
(01:02):
So, Jason, this is his firsttime back in the studio since
we've been on YouTube.
So I've I've been fussing at himtelling him it's been far too
long since he's been in here.
So I'm going to keep him in herefor a while.
So let's sit back, relax, andsee what he has to say.
All right.
So let's get started.
What is estate planning in anutshell?
SPEAKER_02 (01:20):
Well, estate planning, very simple, is what
do you want to do with yourstuff?
Okay.
A lot of people accumulatethings over life, um, and they
want to leave that to someonethat they love.
Okay.
Uh, but not just that, alsoestate planning is what do you
want to do with your affairs ifyou're not able to take care of
yourself because of maybe a caraccident or dementia or so
(01:42):
forth.
So um it's not just for thewealthy, it's not just for
someone that accumulates a lotof stuff.
When we think about uh estateplanning, you you know, I you
think of the movies where theybring someone in an office with
a lawyer and so forth, andthey're divvying out the assets.
That's not necessarily whatestate planning is.
Estate planning is basically wehave some assets or we have uh
(02:07):
property, we have cars, we havethings that we have accumulated
over time, and we want to makesure that that goes to the
proper people.
SPEAKER_01 (02:14):
Yeah.
And and really in a nutshell, itreally makes the process when
somebody, when your loved onehas to deal with the loss, it
can make the after process somuch more easier because you're
really just declaring what yourwishes are.
Whether it's a brand newMercedes or whether it's a beat
up piece of anything in thebackyard, it's so much easier if
you've declared what you want tohappen to that property, right?
SPEAKER_02 (02:37):
Absolutely.
Um, and and and it can be smallthings.
You know, I've seen familiesargue over the smallest things
that you would never think tojust let someone know this is
this is who I want to have this.
And and and usually you need towrite it down so that so that we
have it documented and so forth.
SPEAKER_01 (02:53):
Yeah.
And and if you're even thinkingright now that you don't have
anything, I guarantee you, ifyou do like I do when my husband
said, Hey, we need to make awill, I was like, we don't have
anything, we have a house.
You know, simple as that.
And then when I really startedlooking at, oh, we have titles
to cars and things, the list waslonger than I actually imagined.
So again, don't fool yourselfinto thinking because you're not
(03:15):
wealthy, because you don't havemillions of dollars in the bank,
that you don't need it.
So let's talk about what aresome of the key documents
everyone should have in place,regardless of their age,
regardless of their income.
SPEAKER_02 (03:26):
Well, I think the most popular document everyone
hears about is the will.
Okay.
Everyone, you want to go to alawyer, you want to see, you
want to write up a will.
I mean, that's pretty, prettycommon.
Um, but other documents that youwant to make sure that you have
that people don't think aboutare power of attorneys, okay?
Um, durable power of attorney.
So um, who do you want toappoint to handle your financial
(03:49):
affairs if something happens toyou and you're not able to
cognitively uh make thatdecision, you know, um, because
of maybe a wreck of injury ordementia or so forth?
Um, who's gonna make thosedecisions for you?
Who are you gonna appoint forthat?
Um also health, you know, healthum um situations where what if I
(04:12):
got into an accident, what wouldmy wishes be?
You know, we don't want to thinkabout those things, but we
don't.
But what would your wishes be ifsomeone had to make a very, very
important decision?
Okay.
And as well as um beneficiarydestinations, you know, uh we
all have when we start a job, wehave IRA accounts, we have maybe
(04:34):
a pension account, we have lifeinsurance accounts.
So who do you have listed asthose beneficiaries?
That's all part of uh thedocuments that you're gonna be
needing.
SPEAKER_01 (04:43):
And for individuals that may already have those
documents in place, how oftenshould that be reviewed?
SPEAKER_02 (04:50):
Uh it's it's probably a good rule of thumb
every three to five years.
You want to review thosedocuments.
But in addition, when you havelife-changing events, you
definitely want to review thosedocuments.
Things like divorce, um, thingslike the loss of a child or a
loved one.
Um, those are those are thoseimportant life-changing events
that, hey, it's time to makethis review, or maybe changing
(05:13):
jobs, things like that happensall the time.
You'll someone will get adivorce, change jobs, forget
about an old retirement planthat they had before, and never
make those changes on theirbeneficiary designations.
So, you know, every every sooften you do need to review
that.
SPEAKER_01 (05:28):
So, aside from people assuming that you need to
be wealthy to do estateplanning, what are some other
myths that are out there aboutestate planning?
SPEAKER_02 (05:36):
Well, I think we discussed the first one that you
have to be super rich.
I mean, that's that's thebiggest myth out there, of
course.
Um, but also um a lot of youngerpeople think, oh, well, I'm too
young to worry about that.
And of course, you know, uh uhwhen you're younger, you feel
like you're indestructible.
That's right.
That's right.
SPEAKER_01 (05:55):
I will get to retirement in about 50 years,
and you go to sleep and wake up,and it's like time for
retirement.
SPEAKER_02 (06:02):
Yeah, yeah, yeah.
So I think even someone that umis very, very young, they need
to be thinking about it.
Okay.
Um, also, um, other things is ohwell, the state's gonna provide
that for me.
I I I don't really need to worryabout that.
Well, you want to think aboutthat before you just go through
without having a will, becausethere are certain situations
(06:24):
where it may not end up the waythat you like for it to end up.
So I personally wouldn't wantthe state providing my will for
me.
unknown (06:32):
Okay.
SPEAKER_01 (06:33):
All right.
So definitely when you have alarge family or even a small
family, but what about peoplewithout kids?
Do they still need to make thesesame preparations?
SPEAKER_02 (06:42):
Absolutely.
I mean, probably more so becauseit gets a little more
complicated as who's gonnareceive that those funds um if
you don't have a will in place,you know.
Um, so if there's certaincharities that you want to give
to, or are you, you know,there's a certain individual
that you want to leave some ofthose assets to, that's not
gonna happen if the state doesit.
(07:02):
You're gonna get some long-lostcousin that maybe you really
don't keep in touch with, andthey're gonna receive those
funds.
So it's very important, um, nomatter who you are, to really
have that plan set and forth.
SPEAKER_01 (07:14):
Are there situations where maybe estate planning is
not necessary?
SPEAKER_02 (07:19):
I I can't really think of any.
No.
Um, not not not not off the topof my head.
I mean, I guess if it wassomeone that says, you know
what, I don't have anything thatI want to leave to anybody and I
don't really care one way or theother, then I guess that would
be the situation where it'd beokay.
SPEAKER_01 (07:36):
And I always like to use the quote, it's better to
have something and not need itthan to need it and not have it,
you know, because of course wecan't dig you up and say, hey,
can you sign this for me, right?
Right, right.
So we we talked a little bitabout life stages, you know,
getting married, gettingdivorced.
But let's talk about maybesomebody's life stage at age 20
versus age 50.
SPEAKER_02 (07:55):
Yeah.
So when you're in your 20s and30s, of course, that's that's
when you first want to start onthose beneficiary designations
and things like that.
Um, and then when you get to the30s and 40s, you know, you start
having children and and and anda house and mortgages.
And then you kind of startthinking about, okay, maybe I
need to, who's gonna take careof my kids in the event that
(08:17):
something happens to me?
So those are when you need tostart thinking about um, do I
need a power of attorney and soforth?
And and um really start digginga little uh deeper into it.
And of course, when you getcloser to retirement age and
you're in your 50s and so forth,people start thinking a little
bit different.
You know, they start thinkingmore along the lines of, man, I
(08:39):
really want to leave this to mykids.
What's the most efficient way Ican give this to my kids and not
have all these tax implicationsand things like that?
So things change as you getolder, of course, and your
priorities kind of change alittle bit as far as what you
want your assets to do.
SPEAKER_01 (08:56):
Absolutely.
So, Jason, how do we getstarted?
I mean, if somebody's listeningand they're thinking, okay,
yeah, I need to get this off ofmy to-duce list, where do they
start?
SPEAKER_02 (09:06):
I think the first thing is you need to start by
writing down all your assets.
What are the things that aremost important to you that you
want to leave?
What are some of my liabilities?
How do I want that cleaned up inthe event that something happens
to me?
Start listing out the peoplethat you really want to share
these assets with and as well asstart thinking about the people
(09:26):
that you want to handle youraffairs in the event that you
can't handle your affairs.
Write it all down on paper.
Talk to a financial advisor.
I can't tell you how many peoplecome into my office and we have
these conversations.
You know, we talk it through.
And once we talk it through, youhave a better idea of what it
is.
You don't want to just walk intoa lawyer's office and say, I
(09:47):
need some financial, I need touh write up a uh will.
You know, you want to have thatplan before you go in so that
when you walk in, you kind ofhave a good idea of what you're
looking for.
SPEAKER_01 (09:57):
So, and that kind of leads me to my next question
because I'm sure, you know,somebody might be Googling
online, um, you know, wills.com,you know.
So what's the difference betweenme going and doing it online
versus actually setting up ameeting with a financial
advisor?
SPEAKER_02 (10:11):
Well, I think it's it's like anything in life, you
know, you can always do itcheaper.
You can always go online andpull the documents and do it
yourself, but you're not gonnaget that custom customization
that you're gonna get if youwalk into a lawyer's office.
They're gonna cover those littlelittle nuances that you might
not have thought about, youknow, just that little extra
step that can go a long waysometimes, you know.
(10:35):
So as always, you're gonna getwhat you pay for, you know.
So, you know, that's that's theway it is, you know.
SPEAKER_01 (10:41):
And maybe just to kind of bring it home, can you
share maybe some namelessstories of instances where
you've run into individuals thatdid not do this step, did not
have that will, did not have anytype of estate planning and what
that nightmare could potentiallylook like.
SPEAKER_02 (10:56):
Oh, yeah.
Um the bad, the bad stories.
The bad stories are are usuallywhen we have uh divorced
families and we have multiplekids involved.
Um, and it it it becomes a messif it's not spelled out because
you'll have, you know, onechild, uh, that was dad's stuff,
one child, no, that was mom'sstuff, that was not mom's
(11:18):
wishes, and it just gets draggedon and nobody wins.
Nobody wins, you know.
SPEAKER_01 (11:22):
Any good success stories you can share with us.
SPEAKER_02 (11:25):
Absolutely.
I mean, the biggest successstory is, and we have them all
the time, you know, is when iswhen a client comes in and they,
you know, they just lost one oftheir mother or their father,
and it's it's a bad time forthem.
And when everything is in orderand is in place and it's easy,
and we get the paperwork doneand it's very, very simple, and
they have those assets, andthat's the last thing they want
(11:47):
to think about.
They're grieving at the sametime, they have to handle these
financial affairs.
And when it runs smooth, that'sthat's a success story.
You know, when everything runssmooth and they they can move on
with their life, and that partis just, you know, a little bit
extra that's out the way.
SPEAKER_01 (12:04):
You know, sounds, sounds, sounds like a really,
really good thing to have.
Is it time consuming?
I know that it's going to be acase by case, but I'm just
thinking in terms of myths,people are thinking, oh, I don't
need it, but also it just soundslike it can be intimidating.
SPEAKER_02 (12:20):
I think so.
I think I think the biggest partis nobody wants to think about
what happens to me if thishappens and and so forth.
So it's emotionally draining, Ithink, more than anything.
As far as time consuming, no, itdoesn't take a lot of time.
We can we can we can handle uhum a a will within an hour, you
know, if we really have ourducks in a row.
(12:40):
But as far as I think theemotional part is the hardest
part to get over, you know, howdo I thinking it through and you
know, going through that wholeprocess of who wants to get what
and so forth.
SPEAKER_01 (12:51):
So you mentioned before, you know, the first
thing to do is to sit down andlook at a list of your assets.
Anything else that you recommendconsumers look at before they
would even schedule anappointment with a financial
advisor to maybe minimize beingoverwhelmed, or is it something
that you just really break downand make really simple when they
come into the office?
SPEAKER_02 (13:10):
I think it's a combination.
Uh, I think, you know, over timeit evolves, you know, especially
in my relationship with clients.
On our first meeting, when westart to meet, you know, we
start talking about getting toknow each other.
We don't get into you know thewhole dynamics of their family
and so forth.
That that kind of comes overtime.
And as a as time comes on, Istart to realize who their loved
(13:33):
ones are, who's most important.
And then that's when we hadthose conversations and and it
gets personal, you know, and umand it evolves, it changes over
time.
So, you know, um, but I wouldsay what to get together.
I think the biggest thing if isis you know, those assets, those
liabilities, those wishes, thosepeople that are that that are
really close to you that youcare about.
SPEAKER_01 (13:54):
And for those meetings, who should be
involved?
SPEAKER_02 (13:57):
Well, I always recommend, and it doesn't
usually happen initially, but Ialways recommend that and most
of my clients to bring theirkids in with them, bring in some
of the heirs that are gonna betheir beneficiaries so that we
can have that conversation.
These are some of the things andwe don't have to disclose
disclose all the accounts thatthey have, but it is a good idea
(14:19):
for them to meet me so that theyknow who they're gonna deal with
in the event something happensto their parents.
Okay.
And it just makes makes thingseasier to know that we've
already met if something doeshappen, so that they know
exactly who they're seeing, whatto expect, and there's no
intimidation or anything likethat.
SPEAKER_01 (14:37):
So really just that simple.
Make that call, make thatappointment, get started,
because you know, time is gonnago by faster than you imagine,
right?
SPEAKER_02 (14:46):
That's right.
SPEAKER_01 (14:47):
So, how can they contact you if they want to
learn more, if they're ready togo ahead and get that estate
planning started?
SPEAKER_02 (14:53):
They can contact us uh at our at neighbors website
uh throughneighborswealthmanagement.com.
Also, you can email me, Jason atneighborswm.com, and our direct
line is area code 225-819-5790.
SPEAKER_01 (15:10):
All right.
Wasn't as painful as youthought, right?
SPEAKER_02 (15:13):
And they can text me as well.
You can text, you can justsimply send the text and say,
hey, I'd like to set up anappointment with you.
And you can text that number andand we'll get back with you.
SPEAKER_01 (15:21):
All right, give it to them one more time.
SPEAKER_02 (15:23):
225-819-5790.
SPEAKER_01 (15:27):
All right, Jason, thank you so much for sharing
this good information.
Hopefully, it will help somepeople get that motivation they
need to go ahead and get thatestate planning started.
SPEAKER_02 (15:36):
Thank you.
SPEAKER_00 (15:39):
It's time for blueprint building blocks.
Small changes that lead to bigfinancial wins.
Let's stack up for success.
SPEAKER_01 (15:49):
Start with the basics.
Make sure you have a will, apower of attorney, and health
care directives in place.
Review your beneficiaries.
You want to check your accounts,insurance policies to ensure
they reflect what your currentwishes are.
Remember, you want to reviewthose things periodically.
Update after life events,marriage, divorce, children,
(16:12):
retirement are all times torevisit your plan.
And of course, don't wait untilit's too late.
Estate planning isn't about ageor wealth.
It's important to just beprepared.
SPEAKER_00 (16:24):
That's a wrap on today's Blueprint Building
Blocks.
Stay on track with yourfinancial journey.
Subscribe to the Money MattersPodcast, and visit
neighborsfcu.org slash financialwellness for more tools to help
you build a strong financialfuture.
Welcome to Money Matters, the podcast that
focuses on how to use the moneyyou have, make the money you
need, and save the money youwant.
Now, here is your host, Ms.
SPEAKER_01 (00:12):
Kim Chapman.
Welcome to another edition ofMoney Matters.
Today we're going to talk abouta subject that is often
forgotten and overlooked (00:19):
estate planning.
And usually the problem is thatpeople make the mistake of
thinking it's only for thewealthy, or that, hey, I can do
it tomorrow because I'm youngand I have plenty of time.
But those are two myths.
So if you were about to changethe station, turn us off,
listen, because no matter whatyour age, no matter what your
(00:41):
income, no matter what assetsyou may have or not have,
there's going to be someinformation you're going to
learn today.
And I have an expert here toguide us along the way.
So returning back to the studiowith neighbor's wealth
management is our very own JasonApps.
Hello, how are you?
I am doing well, Jason.
How about you?
Doing good, doing good.
(01:02):
So, Jason, this is his firsttime back in the studio since
we've been on YouTube.
So I've I've been fussing at himtelling him it's been far too
long since he's been in here.
So I'm going to keep him in herefor a while.
So let's sit back, relax, andsee what he has to say.
All right.
So let's get started.
What is estate planning in anutshell?
SPEAKER_02 (01:20):
Well, estate planning, very simple, is what
do you want to do with yourstuff?
Okay.
A lot of people accumulatethings over life, um, and they
want to leave that to someonethat they love.
Okay.
Uh, but not just that, alsoestate planning is what do you
want to do with your affairs ifyou're not able to take care of
yourself because of maybe a caraccident or dementia or so
(01:42):
forth.
So um it's not just for thewealthy, it's not just for
someone that accumulates a lotof stuff.
When we think about uh estateplanning, you you know, I you
think of the movies where theybring someone in an office with
a lawyer and so forth, andthey're divvying out the assets.
That's not necessarily whatestate planning is.
Estate planning is basically wehave some assets or we have uh
(02:07):
property, we have cars, we havethings that we have accumulated
over time, and we want to makesure that that goes to the
proper people.
SPEAKER_01 (02:14):
Yeah.
And and really in a nutshell, itreally makes the process when
somebody, when your loved onehas to deal with the loss, it
can make the after process somuch more easier because you're
really just declaring what yourwishes are.
Whether it's a brand newMercedes or whether it's a beat
up piece of anything in thebackyard, it's so much easier if
you've declared what you want tohappen to that property, right?
SPEAKER_02 (02:37):
Absolutely.
Um, and and and it can be smallthings.
You know, I've seen familiesargue over the smallest things
that you would never think tojust let someone know this is
this is who I want to have this.
And and and usually you need towrite it down so that so that we
have it documented and so forth.
SPEAKER_01 (02:53):
Yeah.
And and if you're even thinkingright now that you don't have
anything, I guarantee you, ifyou do like I do when my husband
said, Hey, we need to make awill, I was like, we don't have
anything, we have a house.
You know, simple as that.
And then when I really startedlooking at, oh, we have titles
to cars and things, the list waslonger than I actually imagined.
So again, don't fool yourselfinto thinking because you're not
(03:15):
wealthy, because you don't havemillions of dollars in the bank,
that you don't need it.
So let's talk about what aresome of the key documents
everyone should have in place,regardless of their age,
regardless of their income.
SPEAKER_02 (03:26):
Well, I think the most popular document everyone
hears about is the will.
Okay.
Everyone, you want to go to alawyer, you want to see, you
want to write up a will.
I mean, that's pretty, prettycommon.
Um, but other documents that youwant to make sure that you have
that people don't think aboutare power of attorneys, okay?
Um, durable power of attorney.
So um, who do you want toappoint to handle your financial
(03:49):
affairs if something happens toyou and you're not able to
cognitively uh make thatdecision, you know, um, because
of maybe a wreck of injury ordementia or so forth?
Um, who's gonna make thosedecisions for you?
Who are you gonna appoint forthat?
Um also health, you know, healthum um situations where what if I
(04:12):
got into an accident, what wouldmy wishes be?
You know, we don't want to thinkabout those things, but we
don't.
But what would your wishes be ifsomeone had to make a very, very
important decision?
Okay.
And as well as um beneficiarydestinations, you know, uh we
all have when we start a job, wehave IRA accounts, we have maybe
(04:34):
a pension account, we have lifeinsurance accounts.
So who do you have listed asthose beneficiaries?
That's all part of uh thedocuments that you're gonna be
needing.
SPEAKER_01 (04:43):
And for individuals that may already have those
documents in place, how oftenshould that be reviewed?
SPEAKER_02 (04:50):
Uh it's it's probably a good rule of thumb
every three to five years.
You want to review thosedocuments.
But in addition, when you havelife-changing events, you
definitely want to review thosedocuments.
Things like divorce, um, thingslike the loss of a child or a
loved one.
Um, those are those are thoseimportant life-changing events
that, hey, it's time to makethis review, or maybe changing
(05:13):
jobs, things like that happensall the time.
You'll someone will get adivorce, change jobs, forget
about an old retirement planthat they had before, and never
make those changes on theirbeneficiary designations.
So, you know, every every sooften you do need to review
that.
SPEAKER_01 (05:28):
So, aside from people assuming that you need to
be wealthy to do estateplanning, what are some other
myths that are out there aboutestate planning?
SPEAKER_02 (05:36):
Well, I think we discussed the first one that you
have to be super rich.
I mean, that's that's thebiggest myth out there, of
course.
Um, but also um a lot of youngerpeople think, oh, well, I'm too
young to worry about that.
And of course, you know, uh uhwhen you're younger, you feel
like you're indestructible.
That's right.
That's right.
SPEAKER_01 (05:55):
I will get to retirement in about 50 years,
and you go to sleep and wake up,and it's like time for
retirement.
SPEAKER_02 (06:02):
Yeah, yeah, yeah.
So I think even someone that umis very, very young, they need
to be thinking about it.
Okay.
Um, also, um, other things is ohwell, the state's gonna provide
that for me.
I I I don't really need to worryabout that.
Well, you want to think aboutthat before you just go through
without having a will, becausethere are certain situations
(06:24):
where it may not end up the waythat you like for it to end up.
So I personally wouldn't wantthe state providing my will for
me.
unknown (06:32):
Okay.
SPEAKER_01 (06:33):
All right.
So definitely when you have alarge family or even a small
family, but what about peoplewithout kids?
Do they still need to make thesesame preparations?
SPEAKER_02 (06:42):
Absolutely.
I mean, probably more so becauseit gets a little more
complicated as who's gonnareceive that those funds um if
you don't have a will in place,you know.
Um, so if there's certaincharities that you want to give
to, or are you, you know,there's a certain individual
that you want to leave some ofthose assets to, that's not
gonna happen if the state doesit.
(07:02):
You're gonna get some long-lostcousin that maybe you really
don't keep in touch with, andthey're gonna receive those
funds.
So it's very important, um, nomatter who you are, to really
have that plan set and forth.
SPEAKER_01 (07:14):
Are there situations where maybe estate planning is
not necessary?
SPEAKER_02 (07:19):
I I can't really think of any.
No.
Um, not not not not off the topof my head.
I mean, I guess if it wassomeone that says, you know
what, I don't have anything thatI want to leave to anybody and I
don't really care one way or theother, then I guess that would
be the situation where it'd beokay.
SPEAKER_01 (07:36):
And I always like to use the quote, it's better to
have something and not need itthan to need it and not have it,
you know, because of course wecan't dig you up and say, hey,
can you sign this for me, right?
Right, right.
So we we talked a little bitabout life stages, you know,
getting married, gettingdivorced.
But let's talk about maybesomebody's life stage at age 20
versus age 50.
SPEAKER_02 (07:55):
Yeah.
So when you're in your 20s and30s, of course, that's that's
when you first want to start onthose beneficiary designations
and things like that.
Um, and then when you get to the30s and 40s, you know, you start
having children and and and anda house and mortgages.
And then you kind of startthinking about, okay, maybe I
need to, who's gonna take careof my kids in the event that
(08:17):
something happens to me?
So those are when you need tostart thinking about um, do I
need a power of attorney and soforth?
And and um really start digginga little uh deeper into it.
And of course, when you getcloser to retirement age and
you're in your 50s and so forth,people start thinking a little
bit different.
You know, they start thinkingmore along the lines of, man, I
(08:39):
really want to leave this to mykids.
What's the most efficient way Ican give this to my kids and not
have all these tax implicationsand things like that?
So things change as you getolder, of course, and your
priorities kind of change alittle bit as far as what you
want your assets to do.
SPEAKER_01 (08:56):
Absolutely.
So, Jason, how do we getstarted?
I mean, if somebody's listeningand they're thinking, okay,
yeah, I need to get this off ofmy to-duce list, where do they
start?
SPEAKER_02 (09:06):
I think the first thing is you need to start by
writing down all your assets.
What are the things that aremost important to you that you
want to leave?
What are some of my liabilities?
How do I want that cleaned up inthe event that something happens
to me?
Start listing out the peoplethat you really want to share
these assets with and as well asstart thinking about the people
(09:26):
that you want to handle youraffairs in the event that you
can't handle your affairs.
Write it all down on paper.
Talk to a financial advisor.
I can't tell you how many peoplecome into my office and we have
these conversations.
You know, we talk it through.
And once we talk it through, youhave a better idea of what it
is.
You don't want to just walk intoa lawyer's office and say, I
(09:47):
need some financial, I need touh write up a uh will.
You know, you want to have thatplan before you go in so that
when you walk in, you kind ofhave a good idea of what you're
looking for.
SPEAKER_01 (09:57):
So, and that kind of leads me to my next question
because I'm sure, you know,somebody might be Googling
online, um, you know, wills.com,you know.
So what's the difference betweenme going and doing it online
versus actually setting up ameeting with a financial
advisor?
SPEAKER_02 (10:11):
Well, I think it's it's like anything in life, you
know, you can always do itcheaper.
You can always go online andpull the documents and do it
yourself, but you're not gonnaget that custom customization
that you're gonna get if youwalk into a lawyer's office.
They're gonna cover those littlelittle nuances that you might
not have thought about, youknow, just that little extra
step that can go a long waysometimes, you know.
(10:35):
So as always, you're gonna getwhat you pay for, you know.
So, you know, that's that's theway it is, you know.
SPEAKER_01 (10:41):
And maybe just to kind of bring it home, can you
share maybe some namelessstories of instances where
you've run into individuals thatdid not do this step, did not
have that will, did not have anytype of estate planning and what
that nightmare could potentiallylook like.
SPEAKER_02 (10:56):
Oh, yeah.
Um the bad, the bad stories.
The bad stories are are usuallywhen we have uh divorced
families and we have multiplekids involved.
Um, and it it it becomes a messif it's not spelled out because
you'll have, you know, onechild, uh, that was dad's stuff,
one child, no, that was mom'sstuff, that was not mom's
(11:18):
wishes, and it just gets draggedon and nobody wins.
Nobody wins, you know.
SPEAKER_01 (11:22):
Any good success stories you can share with us.
SPEAKER_02 (11:25):
Absolutely.
I mean, the biggest successstory is, and we have them all
the time, you know, is when iswhen a client comes in and they,
you know, they just lost one oftheir mother or their father,
and it's it's a bad time forthem.
And when everything is in orderand is in place and it's easy,
and we get the paperwork doneand it's very, very simple, and
they have those assets, andthat's the last thing they want
(11:47):
to think about.
They're grieving at the sametime, they have to handle these
financial affairs.
And when it runs smooth, that'sthat's a success story.
You know, when everything runssmooth and they they can move on
with their life, and that partis just, you know, a little bit
extra that's out the way.
SPEAKER_01 (12:04):
You know, sounds, sounds, sounds like a really,
really good thing to have.
Is it time consuming?
I know that it's going to be acase by case, but I'm just
thinking in terms of myths,people are thinking, oh, I don't
need it, but also it just soundslike it can be intimidating.
SPEAKER_02 (12:20):
I think so.
I think I think the biggest partis nobody wants to think about
what happens to me if thishappens and and so forth.
So it's emotionally draining, Ithink, more than anything.
As far as time consuming, no, itdoesn't take a lot of time.
We can we can we can handle uhum a a will within an hour, you
know, if we really have ourducks in a row.
(12:40):
But as far as I think theemotional part is the hardest
part to get over, you know, howdo I thinking it through and you
know, going through that wholeprocess of who wants to get what
and so forth.
SPEAKER_01 (12:51):
So you mentioned before, you know, the first
thing to do is to sit down andlook at a list of your assets.
Anything else that you recommendconsumers look at before they
would even schedule anappointment with a financial
advisor to maybe minimize beingoverwhelmed, or is it something
that you just really break downand make really simple when they
come into the office?
SPEAKER_02 (13:10):
I think it's a combination.
Uh, I think, you know, over timeit evolves, you know, especially
in my relationship with clients.
On our first meeting, when westart to meet, you know, we
start talking about getting toknow each other.
We don't get into you know thewhole dynamics of their family
and so forth.
That that kind of comes overtime.
And as a as time comes on, Istart to realize who their loved
(13:33):
ones are, who's most important.
And then that's when we hadthose conversations and and it
gets personal, you know, and umand it evolves, it changes over
time.
So, you know, um, but I wouldsay what to get together.
I think the biggest thing if isis you know, those assets, those
liabilities, those wishes, thosepeople that are that that are
really close to you that youcare about.
SPEAKER_01 (13:54):
And for those meetings, who should be
involved?
SPEAKER_02 (13:57):
Well, I always recommend, and it doesn't
usually happen initially, but Ialways recommend that and most
of my clients to bring theirkids in with them, bring in some
of the heirs that are gonna betheir beneficiaries so that we
can have that conversation.
These are some of the things andwe don't have to disclose
disclose all the accounts thatthey have, but it is a good idea
(14:19):
for them to meet me so that theyknow who they're gonna deal with
in the event something happensto their parents.
Okay.
And it just makes makes thingseasier to know that we've
already met if something doeshappen, so that they know
exactly who they're seeing, whatto expect, and there's no
intimidation or anything likethat.
SPEAKER_01 (14:37):
So really just that simple.
Make that call, make thatappointment, get started,
because you know, time is gonnago by faster than you imagine,
right?
SPEAKER_02 (14:46):
That's right.
SPEAKER_01 (14:47):
So, how can they contact you if they want to
learn more, if they're ready togo ahead and get that estate
planning started?
SPEAKER_02 (14:53):
They can contact us uh at our at neighbors website
uh throughneighborswealthmanagement.com.
Also, you can email me, Jason atneighborswm.com, and our direct
line is area code 225-819-5790.
SPEAKER_01 (15:10):
All right.
Wasn't as painful as youthought, right?
SPEAKER_02 (15:13):
And they can text me as well.
You can text, you can justsimply send the text and say,
hey, I'd like to set up anappointment with you.
And you can text that number andand we'll get back with you.
SPEAKER_01 (15:21):
All right, give it to them one more time.
SPEAKER_02 (15:23):
225-819-5790.
SPEAKER_01 (15:27):
All right, Jason, thank you so much for sharing
this good information.
Hopefully, it will help somepeople get that motivation they
need to go ahead and get thatestate planning started.
SPEAKER_02 (15:36):
Thank you.
SPEAKER_00 (15:39):
It's time for blueprint building blocks.
Small changes that lead to bigfinancial wins.
Let's stack up for success.
SPEAKER_01 (15:49):
Start with the basics.
Make sure you have a will, apower of attorney, and health
care directives in place.
Review your beneficiaries.
You want to check your accounts,insurance policies to ensure
they reflect what your currentwishes are.
Remember, you want to reviewthose things periodically.
Update after life events,marriage, divorce, children,
(16:12):
retirement are all times torevisit your plan.
And of course, don't wait untilit's too late.
Estate planning isn't about ageor wealth.
It's important to just beprepared.
SPEAKER_00 (16:24):
That's a wrap on today's Blueprint Building
Blocks.
Stay on track with yourfinancial journey.
Subscribe to the Money MattersPodcast, and visit
neighborsfcu.org slash financialwellness for more tools to help
you build a strong financialfuture.
Popular Podcasts
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!
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.