MoneyWise

Rob West

The Importance of Having a Will with Ron Blue

November 25, 2020
00:00 0

A will allows you to determine exactly where your assets will go after you die, usually. That wasn’t the case with one British will maker who left money to the Royal Society for the prevention of birds. No doubt that was supposed to read, “the protection of birds”, but the point is, a will can eliminate legal pitfalls and provide peace of mind for your heirs. Today, host Rob West chats about that with money expert Ron Blue. Ron Blue is the co-founder of Kingdom Advisors, a frequent speaker on “all things” financial, and most important for today’s topic, he’s the author of Splitting Heirs: Giving Your Money and Things to Your Children Without Ruining Their Lives.

 

•          Nearly half of Americans over age 55 haven’t written a will. 

•          A will is a legal document. But it should and can provide for far more than a tax plan. For one thing, you can leave a message to future generations.

•          A Will also provides for the guardianship and care of young children, and for that reason alone every couple with young children should have a will to provide for the care of their children in the event of their deaths.

•          Wills also accomplish the passing of personal property with little monetary value but great sentimental value on to those who would most cherish those gifts. They also ensure that desired charitable giving will take place upon your death.

•          An important reason for business owners to have a will is to ensure the orderly and effective transfer of that business. It’s not always easy to decide how the business should be transferred, but in the absence of a stated plan, those decisions will likely be made by people who don’t share the owner's goals and objectives. 

•          It’s possible to draft your own will without an attorney, but there’s a tremendous risk in that because courts may not interpret your will as you’d like them to. And in some cases they may not recognize a “do it yourself” will.

•          When an estate is in order, an emotional load is lifted from the person who’s concerned for his family’s well-being. It also lifts a burden from those dependent on that person. Although this cannot be measured in dollars and cents, the benefit of peace of mind may be the greatest advantage of having a will.

 

On today’s program we also answer your questions:

 

-I’ve been going to real estate courses. I’ve given them a lot of money for the education. Is this the best way to be a good steward of my money?

-When I purchased my home, the seller purchased a home warranty. That is about to expire. Should I renew the warranty?

 

Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

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