Bryce Harper & Advice On Where YOUR Money Will Go When You Die
THE BIG THING I WANT YOU TO KNOW:
At some point, our “riches” (Maybe not $300 million guaranteed - WOW) are left to someone when you die. What would happen to your family when… well… “You’re OUT!"?” Bryce Harper launches us into a conversation on wills, estate planning, and other commonly-avoided topics.
Bryce Harper, His Kids, and His Unborn Grandchildren Are Set For Life… Right? We “Will” Discuss
First off: I wouldn’t define myself as a jock, I did grow up playing baseball. I was never good enough to turn pro but had I been, maybe I’d be sitting on a $330 million contract like MLB player Bryce Harper is right now. (Likely not, but let me dream.)
While we can applaud Bryce Harper for his talents that lead him to scoring the BIGGEST CONTRACT IN SPORTS HISTORY, we can better take this chance to learn from him and launch on conversation about what will happen to your money when you die and what are you passing on to the generations that follow you?
We meet with a lot of high net worth clients and the concern is deeper than their own retirement success.
How can you extend your wealth to your children without inadvertently creating entitled individuals? How much do you pass on to individuals (who may not have good financial disciplines) versus charities who will impact many and have proven competence?
Ultimately, this leads us to the (totally unpopular and crass) question:
How are you going to responsibly pass your money on to your next generation while ensuring they have a healthy relationship with money and don’t turn into spoiled brats?
Listen, This Isn’t exclusively A Millionaire ONLY Issue. Your Inheritance & Assets Are Worth More Than You Think!
Everyone dies and everyone needs a plan of what to will happen to their money when they do. Estates that are to be divided have the potential to tear families apart at the seams. Friends, I’ve seen it unfold before my eyes and it’s not pretty.
Even if you’re not in the stratosphere of Bryce Harper, Bill Gates or Warren Buffett (hey, I’m not either) we all have assets that will need to be passed on when we leave this earth. You’ve worked hard and your life’s possessions include that car you drive, any real estate property, bank accounts, 401ks and life insurance to your name, and I would venture to guess that collectively there’s a pretty decent amount of money associated to your name that someone in your family would want.
Right now, if something horrific were to befall you and end it all, would your assets be wrapped up in a bow and packaged neatly for your surviving relatives?
Most people would say they have a will, but that they haven’t updated it in decades. This is a HUGE problem.
Dying Without a Will Should Scare You to Death
Let’s get real:
If you don’t have a will (or it’s so out of date that it doesn’t include any or all of your children or isn’t legally binding in the state where you currently reside) when you die, your money will go directly to the government AND,
The court gets to decide who is taking care of your children (and I know we all have strong thoughts about whose care our children are under).
Even if you do have a will, but say your children are under 18 at the time of your passing, no judge is going to give minors an inheritance payday but that’ll change on their 18th birthday. Maybe you raised mature children, but I know if I had $100,000 at 18 it would have burned a hole right through my pocket. You'll need to write in stipulations and safeguards for a trustee to execute the estate.
Depending on your situation, a LegalZoom will (Starting at $69 dollars) can totally be the route for you if everything’s completely cut and dry. It’s FAR better than NOTHING!
Two Things We Need to Learn to Talk About More: 1. Death & 2. Money
For some reason, we tend to speak in hushed tones when talking about the undeniable fact that we’re all going to die. No one enjoys talking about it and it’s downright taboo as dinner party fodder.
Well, at Dynamic Money, our team of financially savvy fiduciary nerds likes to dive right in.
One of the questions we ALWAYS ask during our first meeting is “Do you have a will?”
And this is what we hear from our clients and in order of frequency:
1 - “Yeah, I have a will, but I haven’t looked at it in a long time.”
I tend to see guilty faces staring back at me because they know that the document is grossly outdated and hasn’t been touched in years…or even decades.
2 - “No way, no will.”
Nothing gray about that answer. Let’s get started, right now! NO JUDGEMENT, GUYS!
Friends, let this be a loving nudge that you need to get it together.
Do I have the answers about after life? Not quite. But our team does have ALL the answers you may be thinking about making the most of your time above ground and how your money should be passed on.
We would love to help you look at all the aspects of your financial world and give you the peace of mind and confidence in your plan for both your life and AFTER it.
To ensure total control of your assets in the afterlife, you have to organize it while you’ve got the time.
What is one thing you want to see before you die?