When you die, distributing your assets is not as simple as relying on wills and trusts.

If you want to leave your assets to your loved ones, without a mountain of hassle, watch this week's episode of Mike on Money, where Mike explains everything you need to know about estate planning.
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To schedule a conversation with Mike, visit talktomike.com or call 512 265 5000

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To learn more, visit cenadvisors.com
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Mike:

So let's go. During your lifetime, you have various advantages. You could have one house, two or three. We have investment accounts like IRAs and 401ks, and you know what else? Life insurance can be. You have joint accounts, there is money in the bank. And basically, that's my catch-all phrase. You probably have a bunch of stuff, right? We have cars, you know, maybe you have collections. You know, you have your jewelry at home. You just have stuff, you know, everywhere. And the question is, when you pass away, how can we easily pass it on to your beneficiaries, right? We want it to be quick and easy and we want it to be private because there's something that's bothering us, it's this blue thing here. We'll call this the River of Estates.

Mike:

And what I mean by that is if things aren't organized the right way, you have to take all these things. And it goes through probate before it gets to your beneficiaries. Why is it a problem? Well, the number one approval is that it's public. It's easy for beneficiaries to throw up their hands and say we don't like it. And the next thing you know, there's a big old probate battle going on. So it's public. It's easy to talk. It's often expensive. And of course, the more they argue, the more expensive it becomes, you know, it's like, it's everything you don't want. Unless of course you hate your kids and are looking to cause them headaches, then I guess it's fine. But for most people, that's not the case. Let's talk a little bit about how we can get assets across that river, shall we?

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