Whiskey and estate planning - two things usually don’t go together, but we’re different at Bulls, Bears, and Bourbon.
Andres Mazabel of Trust & Will joins me on the show to shed some light on their annual report on millennials and estate planning. Trust & Will is tackling estate planning by modernizing the process and making will-based plans, trust-based plans, and nominations of guardianship accessible to everyone.
[01:15] – Introducing Andres Mazabel
[4:40] – Whiskey Tasting – Willett Family Estate 6-Year-Old Straight Rye Whiskey
[6:50] – What is an Estate Plan: “Planning for what is to happen to your assets and your loved ones if something happens to you.”
“Estate planning is one of the most selfless actions you can take.”
“It’s all about peace of mind and making sure that people understand your wishes, and how you want them carried out.”
[12:10] – Millennials and Estate Planning – “Estate planning isn’t just about money, it’s not necessarily about how much in assets you have. Families are understanding that it’s more than that, it’s much deeper than that.”
[13:50] – What catalysts are prompting millennials to create estate plans? – “33% of millennials surveyed created a survey after a child is born. The #2, which is very interesting is the death of a loved one. Millennials are in a really interesting spot, the sandwich generation, in which their parents to young kids and taking care of their parents as well, in some cases.”
“Once you actually see the impact of not having an estate plan, you’re like, “I’m getting it done.”"
“6% thought about estate planning due to a financial planner who helped educate them on how important it is.”
[20:30] – What else, besides distributing assets, can be in an estate plan? -
“Digital accounts. This is really important. The more we move to a digital world, having everything in one place when it comes to social media accounts, crypto accounts, etc.”
“Pet guardians. If something happens to you, who takes care of your pets?”
“If you’re in the hospital and you cant make a decision, you can clearly outline what type of care you want to receive. This helps take away a super hard decision on a loved one.”
“How do you want to celebrate your life…what type of songs, how do you want to be remembered and celebrated are all things you are able to choose and put on paper.”
[28:10] Trust vs. Will-based plans – “a will-based plan is the one most folks are familiar with. From pop culture you know that you can write a will on a napkin…the big difference between a trust and a will is a trust helps avoid probate.”
“There are some folks that really value privacy. Trust is not a public process because it’s not going through probate.”
[37:50] – About Trust & Will – “The TurboTax for estate planning. We have created a platform that enables someone to come to our website and go through the process of creating state-specific plans…we’ve created a flow that helps someone understand their options.”
[50:50] – What is wealth? – “Wealth means being able to have my priorities in my life, to really understand what those are. Time for me is the biggest asset that I have in my life.”
[52:20] – What would you tell your younger self? – “I spent 13 years in banking. I learned a lot…but I didn’t take enough risk in my 20s…don’t get too comfortable, take risks without knowing what the outcome will be.”
“The deeper we go into fear, the more potential we find in ourselves.”
Links:
www.bullsbearsandbourbon.com
www.vermillionprivatewealth.com
www.trustandwill.com
T&W Millenial Estate Planning Report
WSJ Article - Millenials Start Writing Their Wills
**The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional before making a final decision. Thanks for listening.
