Estate Planning: The HUGE Mistake that 60% of Americans Make, Ep #13 

<p>What is the mistake that 60% of American adults are making? According to a 2019 <a href= "https://www.caring.com/caregivers/estate-planning/wills-survey" target="_blank" rel="noopener">study</a> by Caring.com, nearly 60% of American adults <em>don’t have a will in place</em>. You may be thinking, “Why is that such a big deal?” In this episode of Retirement Made Easy, I share WHY it’s a HUGE mistake—and what you can do about it. Check it out!</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[1:23] The HUGE mistake that 60% of American Adults Make</li> <li>[2:03] Celebrities that passed away without a will in place</li> <li>[4:30] Estate planning is all about the details</li> <li>[7:13] Why the beneficiary is so important</li> <li>[12:34] Get the proper documents in place</li> </ul> <h2>Celebrity examples of poor estate planning</h2> <p>Numerous celebrities have passed away without proper wills in place. Jimmy Hendrix passed away in 1970. 34 years later, there was <em>still</em> a court battle happening over his estate. Bob Marley also died without a will. Dozens of claimants have come forward—from the US, Jamaica, and England—asking for an inheritance from his estate. It was left to the courts to vet them. Steve McNair built a house for his mother and it was taken away from her because it wasn’t bequeathed to her in his will. Probate court is NOT a quick process for large estates. It can become a nightmare for your family and will cost a fortune—even if you’re a celebrity.</p> <h2>Estate planning is all about the details</h2> <p>Years ago there was a news story about a man named David Sandler. He was about to get remarried and had children from a previous marriage. He wanted to make sure his assets were left to his children. So before he got married, his wife-to-be Debbie signed a prenuptial agreement. She waived her eligibility from inheriting the retirement pension. </p> <p>When David passed away, Debbie and David’s children went to court over his estate. David’s children h