Why I Won't Leave My Kids Cash

If your children inherited a million dollars tomorrow, would you want them to receive a check—or a trusted guide? In this episode, Jill pulls back the curtain on her own family's estate plan and walks you through exactly what would happen if she and Jeremy died while their children were still young. Using their own Wills, life insurance beneficiary designations, and testamentary trusts as real-life examples, she translates complicated legal language into plain English so you can understand how trusts actually work—and why they aren't just for wealthy families. Along the way, Jill explains why she intentionally chose to leave her children's inheritance in trust, how trustees make financial decisions, and why thoughtful estate planning is really about giving your family guidance when you can no longer be there yourself. What You’ll Learn in This Episode Why trusts aren't just for wealthy families. What your Will actually does if you have minor children. Why the person raising your children isn't always the best person to manage their inheritance. How life insurance beneficiary designations work alongside your estate plan. Why naming your estate as a contingent beneficiary can be intentional. What probate looks like when a life insurance policy is payable to your estate. The difference between specific gifts and your residuary estate. How testamentary trusts are created through a Will. What a trustee actually does. What “HEMS” (Health, Education, Maintenance and Support) means in a trust. Why “sole and absolute discretion” gives trustees flexibility rather than confusion. What a “disinterested trustee” is and why one may be the best person to make major financial decisions. How trusts can help pay for extraordinary opportunities like: buying a first home, starting a business, professional education, and wedding expenses Why trusts are designed to help beneficiaries enjoy their inheritance, not simply preserve it. Resources & Links Watch this episode on YouTube: https://youtu.be/AVXdVUB6_eg Episode 19: Why You Need (or Don’t Need) a Trust: https://www.deathreadiness.com/podcast/episode-19-how-to-know-if-you-need-a-trust Tennessee Estate Planning: https://www.deathreadiness.com/estate-planning-solution Tennessee Probate: https://www.deathreadiness.com/probate-solution Connect with Jill: Website: DeathReadiness.com Email: [email protected] Learn more about Jill’s solutions Subscribe to the Death Readiness Dispatch! Ask a question for Tuesday Triage Did you enjoy this episode? Share it with someone you care about. This podcast provides estate planning guidance for women and discusses real, practical issues, from caregiving, pre-planning a funeral, how to avoid probate using beneficiary designations, planning for individuals with special needs (and special needs trusts), whether you need a professional fiduciary (trustee or executor), how the estate tax works and how to preserve your legacy. Tuesday Triage episodes answer questions from listeners like you, from powers of attorney, healthcare advance directives (and whether they work when you’re pregnant), what a Last Will and Testament really is, whether you need a trust, how Medicaid works and how to have senior and elder care conversations and how to care for aging parents. Disclaimer: This podcast and all related content are for educational purposes only and do not constitute legal advice. No attorney-client relationship is established here. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. For legal guidance tailored to your unique situation, consult with a licensed attorney in your state.