How to Deal With Old 401K Accounts

Kachava is a plant-based super blend of greens, proteins, omegas, vitamins, minerals and antioxidants. With chocolate, vanilla, chai, mata, and coconut acai flavors, you can pick your kachava to match your taste. Just go to kachava.com. That's spelled K-A-C-H-A-V-A, and get 10% off your first order.

Play episode from 40:05

chevron_right

Transcript

chevron_right

Transcript

Episode notes

How important are beneficiary designations? What happens if you die without a will? What are intestate succession laws? Death is a subject that most people want to avoid, especially when it intersects with finances. Unfortunately, these are necessary questions to ask, as your legacy is at stake, and taking just a few hours to plan could save your family thousands of hours after you pass.

When guest and long-time friend Renee received the call that her husband of nine years had passed unexpectedly, she was left to deal with not only her own grief but also the financial implications of her husband’s death. While the two had discussed death and finances on multiple occasions, little did they know that a common financial error would create a logistical nightmare—one that would lead to ongoing legal battles and fractured relationships.

In today’s episode, Renee joins us to tell her story and stress the importance of planning for the unexpected. We cover things like beneficiary designations, wills, living trusts, and intestate succession laws. Renee also shares the three steps you MUST take to avoid having a post-passing financial nightmare. As always, our hosts Mindy and Scott are here to share some invaluable advice you won’t want to miss!

In This Episode We Cover

How a few hours of end-of-life planning could save your next of kin thousands of hours

Why beneficiary designations are king for all financial assets

Intestate succession laws and what happens when you die without a will

When others may have a legal claim to assets over a spouse

How relationships are impacted by the financial implications of your passing

The three steps you MUST take to get your assets in order before you die

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding