Why You Need A Will | MHFI 160
Doug and Carl talk to Longmont friend Amy about the death of her husband Phil and the aftermath of dying without a will. - Phil’s death - How Colorado treats your estate without a will (intestate succession) - Specify your beneficiaries. Now! - Wait, who gets Phil’s money? - Family fallout - Actions you need to take -- Join the Mile High FI Club – It’s our email list! **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 2:30 Amy's husband's death 10:15 Not having a will in Colorado 16:29 Are parents entitled to the money of a deceased spouse? 25:55 Laws 27:12 Doug's thoughts 27:58 A spouse is our primary person 29:00 Amy's legal process 32:05 Feelings of betrayal 36:11 How to avoid situations like this 38:44 Setting up a trust 41:07 Doug's will 42:00 Why a trust is better than a will 45:15 Losing relationships along the way 49:40 Amy's socials 52:20 Soundcheck