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Transcript:
00:00:04 when you add your kids or anyone as beneficiaries to your 401k your IRA your life insurance okay that’s great it does go to them technically because it’s a contract between you and that company it will go to them and avoid probate so often people tell me that’s enough right I don’t need a will I don’t need anything it’s already there my suggestion always is let’s look at what if this happens or what if this happens so if it’s going to a minor child that’s scary because a minor child turns 18 and
00:00:36 they get that money 100% if it goes to a child that perhaps has drug and alcohol abuse or is going through a divorce or is going through bankruptcy now that money goes into their account and it might be impacted because of these circumstances there’s also the what if a child is not there you have your three kids listed as beneficiaries but one of them dies so where does it go does it go to the other kids or do you really want it to go to the grandchildren beneath that child those beneficiary designations may not allow you to do
00:01:08 that they may not have that flexibility so beneficiary designations are great for certain circumstances but if you want a full protection you want to protect from all these other circumstances create a an estate plan a trust typically so that you can cover every circumstance that can happen [Music]
