Common Mistake That Leads to Disinheriting Your Kids (And How to Avoid It)

In This Video:

Are you unintentionally disinheriting your children? In financial planning, small decisions can have big consequences. Stay tuned as Scott walks through a hypothetical example that highlights a common mistake that can lead to disinheriting your kids.

 

Things to Consider:

Meet Laura, a mother of three- Alex, Bob, and Emily. Laura wants her money divided equally among her children. She has $2,000 in her checking account and $100,000 in her savings account. To manage her finances if she becomes incapacitated, Laura adds Emily as an account owner.

This seems simple, but it could cause problems. By making Emily an account owner, Laura changes her estate dynamics. If Laura passes away, Emily becomes the sole owner of the accounts, disinheriting Alex and Bob. Laura’s intention was to make financial management easier, but the result was far from what she wanted.

Let’s talk about the importance of finalizing your estate plan correctly!

Here’s what we discuss in this episode:

0:00 – Intro

0:50 – Laura’s intentions and concerns

2:57 – Consequences of adding an account owner

4:15 – Titling your accounts correctly

 

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