Leaving Assets To Children & Other Beneficiary Mistakes


A big part of estate planning is taking care of others when you pass away. In this show we talk specifically about different scenarios and issues that may arise when it comes to beneficiaries.
Perhaps you are leaving assets to minor children. Maybe you have some restrictions you’d like to establish for adult beneficiaries, particularly those that may not be great at handling money.

Join Dan as he discusses these important issues with estate planner Debbie Faulkner.

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Podcast Transcript

Tony Shore 0:07
This is a special edition of Dolphin Financial Radio. In this podcast host Dan Wendol brings in a legal expert to discuss issues surrounding estate planning and retirement. As a fiduciary and investment advisor focused on retirement planning, Dan appreciates the importance of having certain legal aspects of your financial life in order. This is why he has invited Debbie Faulkner to join him on a series of estate planning focused podcasts. Debbie is an estate planning business attorney and owner of Burke Faulker law firm in Oldsmar, Florida. She grew up in Palm Harbor, Florida, and has been a lawyer for over a decade, Debbie went to Cornell law school and obtained her advanced law degree in taxation with a focus on family wealth planning. As a tax lawyer she is able to integrate tax planning into her estate. Now let’s begin one of several estate planning focused conversations on Dolphin Financial Radio.

Daniel Wendol 1:05
Hello and welcome to another Dolphin Financial Radio show with me Dan Wendol, owner of the Dolphin Financial Group. We’re doing a special show as you can realize today, Debbie Faulkner is back. She’s back in studio and she is going to talk to us more specifically about some legal issues, estate planning that retirees in particular, not just retirees, but a lot of people are facing. So last time, Debbie, we talked about the difference between trusts and wills and the importance of different documentation. I want to take it a step further and talk more specifically about some of the issues that I see people coming to me with. As a father of three boys, I want to start with children. We talked about how a trust is a great way to help out if you have, as I’ll call it a “black sheep” in the family perhaps, or a special needs child, someone that you may not want to have a bulk bulk of money because either they’ll lose federal benefits, or they’ll just blow it all at the casino. So we talked about how a trust might be good for that. Talk to me about other other things to worry about when there’s minor children involved. And first of all, what is a minor child? What is the age in Florida? Is it 18 or 21?

Debbie Faulkner 2:15
Sure, and minor child in Florida is 18. But you can define what you want a minor child to be in your own trust document. If you’ve created trust, you could say I want these minor child provisions to apply until they’re 25. If you think you would like that, essentially, though, your question is about minor children and how to provide for them. So that’s another situation where I highly recommend using a trust but here’s why. When you have minor children, if you’re not here to parent them, most parents view that as their most important job in their life- how they parent and how they’re going to raise their children. In a trust, while it governs just property, finances, money, you can essentially have your trustee who does not have to be the same person as the guardian of your children if you want there to be a check and balance in place, you can tell your trustee exactly what you want the money to be spent on for your children. For example, you can say, while they’re minors under the age of 18, I’d like for their money to be spent primarily on their education to the extent that it exceeds X amount of dollars for their support needs. Or I want their money to be spent on their health, education, maintenance and support. But I want the money to be primarily be preserved for their post secondary education or I want the trustee to spend money on extracurricular activities because because me and my wife me and my husband value extracurricular activities and having a well rounded child’s or maybe you have a child who’s competitive in a specific sport or or something like Dance. You may say I want that to be preserved for the entire remainder of their of their childhood. You can be very specific or very general about how money is spent on your children while they’re minors.

Daniel Wendol 4:12
What about grandchildren? So in a lot of my situations, people are retiring, they have moneyt hey want to leave for their grandkids. 529 plans you can actually designate for college, but what if they have, like you said, My granddaughter is really great at dance. I want to leave this money to her. What can they do to prevent their own kids? You know, perhaps their daughter from just taking the money and saying, Yeah, I’ll give it to dance, whatever, and then they go and buy a new car. Is there a way for grandparents to kind of skip a generation and is there a problem giving someone under 18 money?

Debbie Faulkner 4:50
So those are great questions. There’s no problem giving people under 18 money in a sense, but they obviously need to have it a person over 18 in charge of that money. So the easiest and best way to avoid having any issues with the money being spent exactly as grandparents want is to set up a trust for the grandchildren, but have a third party trustee that’s not their son or daughter in charge of that money. And typically, Dan, no matter who you’re leaving money to, I recommend…unless you want the beneficiary to have full control over the money right away without any restriction…I always recommend having a third party trustee. There are companies called trust companies that are specifically their whole job is to administer these trusts after death. And one of the more routine questions I get well is well, how much does that cost? And the reality is a trust company is supposed to earn their own fee by managing the money and assets like a financial advisor would. There are companies out there that allow you to keep your financial advisor that you already feel comfortable with, like you Dan, and then the Trust Company just follows the directions. For example, they will say, oh, okay, is this an educational need that the grandparent wanted this money to be spent on or is it not? And they say yes or no to those requests from the beneficiaries, from the grandkids. Their whole job is to follow those directions. The advisors job is to be able to keep that trust money earning money so that it pays the 1% to 3% fee that the trustees charge.

Daniel Wendol 6:29
I’m glad you brought that up. Because this is a very, very common question I get from my clients. Whatt happens when I die? I don’t want my kids to have the money right away. And we’re talking 50 year old kids too! Or they won’t leave to the grandkids. They say, Dan, I trust you – can you make sure that she gets this at this age when she buys her first house? I can’t. I can’t do that. I don’t have that authority, but they want me to. So you’re talking about having the executor being a third party. A trustee, I should say, being a third party. They could theoretically have a third party, but have someone else continue to manage the money or a new person manage the money and have a separate person that’s distributing the money.

Debbie Faulkner 7:19
That’s right. It provides a good check and balance. The person who’s writing the trust already likely has a strong relationship with their financial planner. So there are trust companies that exist out there that allow your family to have the same advisor that you know and trust for managing the money and the trust company’s job is to administer the directions. Their whole job is to be a third party neutral. And the reason I recommend this over family member is actually quite obvious. I don’t know if any of our listeners have siblings, but typically siblings can’t even agree if the sun is out or the sky is blue or the sky is gray, and the same goes with children. None of us want to go to our sibling and ask for a discretionary distribution which is basically asking them “Can I please have money for this or that?” If the trust is set up to take care of health issues and education or other issues, you know, you don’t want to have to maybe disclose your health problem to your sibling or family member, it may be very personal in nature. Whereas a neutral third party is going to read those directions they have fiduciary responsibility, they can be sued if they are not following your directions to the T, by the beneficiaries themselves. You can also write provisions in there that they can be fired under different situations. But I really like the idea and I always advise my clients to have someone outside the family. It is just like having an adequate and intelligent financial adviser. Their whole job is to review the market to know what’s out there to help you to grow your wealth. These are professionals that charge a small fee, but I really feel that fee is well worth it. The juice is definitely worth the squeeze.

Daniel Wendol 9:07
Just getting that emotionless or getting the emotions out of this decision making is very helpful. The drama that I see happen when my clients die between the children. “Oh, Mom wouldn’t want that. No way!” And they’re saying no, this is what we said, this is what she had. It’s amazing. It never fails, that there’s always someone that’s not happy with the outcome. I think a third party is a good idea. If you have a child that you totally trust, and you don’t want to go to a third party, can you name your daughter for instance, as the trustee to take care of your grandkids in the way that you want or would the daughter be able to supersede that once you pass?

Debbie Faulkner 9:51
You can always name your family members in any capacity that you want. You can put your family members in charge of the money for the grandkids. It’s just that if the parents are in charge, they can deplete that money. The only person who could sue them is their own child, but not until the child turns 18 years old, which may be way too late for the money to still be there. The mother or the intermediary party may have bad intentions, or they may just have different ideas of what educational needs are, or they may not have exactly the same idea in their mind as the grandparent who’s leaving the money. No matter what, I recommend having a third party as as trustee after the person who creates a trust dies, because it’s also a very, very, very challenging time for the family when when a parent dies, to have to think about legal stuff. You’re devastated and you just lost a parent, the closest person to you most likely other than maybe a spouse or your children. You know, somebody who’s been there your entire life for you. You’re now devastated and now you have to think about doing a legal document and doing these legal proceedings? It’s just a very challenging time. I see in my practice, often, the people that come in when they’ve had this death in the family are devastated. They don’t even want any part of doing all the legal stuff that they’re required to do under the law. So those are a lot of reasons I recommend a third party, no matter what.

Daniel Wendol 11:23
Now we’re going to move away from the grandkids and more about naming a child. A typical situation might be someone in their 80s is having more difficultly to get around or to just manage their own finances. They might have a couple of kids but only one lives nearby. And they named the one that’s close as a joint account holder on their bank account to make the easy transactions for basic necessities. They also potentially name their child on the deed of the house. Talk to me about that scenario, what kind of pitfalls to watch out for with that.

Debbie Faulkner 12:00
Absolutely, that’s a great question, Dan. So this comes out up so often because we live in Florida. Oftentimes mom or dad names one child on the account. The reality of the situation is that it completely supersedes any estate planning. Whatever the Will says or the Trust says about where that bank account is supposed to go is superseded by the joint account ownership. So, you named Child 1 on the account Child 1 owns 100% of that bank account at death, no matter what the Will says. So there are really, Dan, three situations that avoid or basically supersede your entire estate plan. First is if you have joint ownership of the account, no matter who that joint owner is, they get the account 100% when someone dies. Oftentimes I hear from clients – “my will says it goes three ways, so it’s going to go three ways.” No. If you’re joint owners, it goes that way and it avoids your will or your trust. Second, is what you also mentioned, Dan, is if you are joint owners with right of survivorship on a deed. If you take your home or a piece of real estate or a piece of dirt and your deed says, I Debbie Faulkner own with Dan Wendol with right of survivorship, Dan will own that property as soon as I die, no matter what my will or trust says.

Daniel Wendol 13:31
Even if you have kids or a spouse, and you name a daughter as a joint owner on a deed?

Debbie Faulkner 13:38
The daughter will own that property immediately upon my death, as long as the deed has right of survivorship. So there are other deeds that that are available that do not pass like this, but for a lot of them that’s how they are. And the third way to basically ruin your estate plan or plan appropriately, depending on whether you’re thinking about it, is beneficiary designations. Dan, these are critical. This is where a sharp financial advisor can guide you always in the right direction. Beneficiary designations are used on qualified plans 401k’s, 403b’s, IRAs, and brokerage accounts. Right Dan?

Daniel Wendol 14:22
Yes. In addition – brokerage accounts, just basic stock trading accounts, money market accounts, any account that allows you to name a beneficiary.

Debbie Faulkner 14:26
Right. So beneficiary designation is a form that you fill out when you open these accounts that says, who you want to receive that account at death. Whatever you write on that form, is what will govern who gets the money out of that account. I’ve seen this go awry. I had one client who had a life insurance policy. So life insurance policies can be owned by a trust, but if they’re not, they typically have a beneficiary designation. Well, two generations passed and nobody received the money yet because it was left to somebody who died, but there was no contingent beneficiary. So, as soon as the person who owned a life insurance policy died, the person they named had also died. So it went to their estate, which means a whole probate proceeding had to be opened for that person who died. And that person’s probate estate, left everything to two other people, one of whom was dead. So we had to open to different probate proceedings just to pass that life insurance policy to the rightful owner. But that depletes a lot of the money out of the account that was designed to go a certain way. So if you have your beneficiary designations go to a trust you have in that trust three layers of planning. For example, I leave it to my living children, if one of them has died, it goes per stirpes, which means to their children who are living and if not to their children to their children’s children. If there’s none that exists, it goes back up to the first level, for example it doesn’t have to,but back up to whoever survives of the living children.

Let’s let’s dig deeper into the beneficiary scenarios. I’ve seen it a lot. A lot of times people will have an ex spouse listed on an old IRA that they forgot about.

All the time that happens!

Daniel Wendol 16:18
If that person dies, does the current spouse have a shot?

Debbie Faulkner 16:21
No. If you have an old Will, and your old Will says, I leave everything to my spouse and that person is no longer spouse when you die, the law takes care of that. The law says your, your ex wife or ex husband is treated as if they died before you. But that is not the law for beneficiary designations. So if you wrote an ex spouse into your life insurance and you never changed it, that ex spouse gets all of that policy no matter what.

Daniel Wendol 16:51
What if I don’t list anybody? Well, I take that back. I can’t even open an account for somebody without making sure they named someone. Not that I would ever let them do it. But if it falls between the cracks…what if they list someone and thatn person dies? What happens, then? Does it go to that dead person’s estate? That’s probably not what they want.

Debbie Faulkner 17:11
It does. And that’s probably not what they want. So basically what that means in layman’s terms is if I put beneficiary #1 on my policy, let’s say I named my son, who I don’t really have, but for argument’s sake, I have a son, I named my son and he dies before me, it goes to his estate. That means there has to be a Wills court proceeding, a probate proceeding from my son’s estate that says, Who is the rightful owners of his property? So whoever that is, let’s say my son had a Will that named his wife, as the person who gets everything then after that proceeding goes on, whatever I left for my son would actually go to his wife, which is not my grandkids are not my family members. So there’s a lot uncommon situations that can occur if beneficiary designations have not kept up with.

Daniel Wendol 17:59
One of the common questions I get, well, not common, but it happens enough is – I don’t like my daughters in law, you know? So I have two boys, and I want to leave everything 50/50 but if one of them dies, I want 100% to go to the surviving son, I don’t want my daughter in law to get anything.

Debbie Faulkner 18:19
That’s very common!

Daniel Wendol 18:22
What do they need to do to make that happen?

Debbie Faulkner 18:25
Sure. That’s a great question. So in order to make that happen, if there are grandchilden that are involved, they’d have to have a trust that doesn’t name the mother of the children in this scenario, as the person in charge. In this scenario you set forth there’s a person who died, their son, and then a spouse that they don’t like. By law, the surviving spouse wouldn’t be entitled to your pre-deceased child share. But if you left it to your grandchildren essentially without leaving a trust, then the surviving parent will be in charge of that money. Does that make sense?

Daniel Wendol 19:09
So by default, if you leave money to a grandchild who’s under 18, the parent is the default person in charge?

Debbie Faulkner 19:16
The default person in charge of that money. So that would be the scenario where the survivor, the daughter in law, would end up getting the money essentially, in their control. The way to avoid that is to set forth a plan. You can write in your plan that if one of my children predeceases me, all the money goes to my surviving child. You can cut out your grandkids or whoever’s down the line, or we can do a trust plan. That is also another way you can say, Well, I do want it to go to my grandkids, but I want somebody else to be in charge of that money. Usually we write in the plans that we intend for the money to be kept in the line of consanguinity, somebody who’s related by blood only. I should say that by law, the daughters in law and our sons in law are not entitled to a single bit of any inheritance. The issue comes up, where if I give money to a son or daughter and they put it in a joint marital account, that’s suddenly under the law treated as a marital account for any divorce proceedings or anything else. If I keep it in a separate account, that’s only in my name than it is considered only that child’s property. And so that’s sometimes another reason to put it in trust. If I leave it for my son or daughter and I want my son or daughter to be in control of their own money, but I don’t want a daughter or son in law to be able to get it – if it’s in a trust account, your son or daughter can say, hey, it’s left in a trust account and I can’t put you on it, etc, etc. It kind of takes away that argument that a spouse might make that says hey, well, you just got this inheritance, I want my piece.

Daniel Wendol 20:49
That a good defense. It’s not so much that we’re saying people are nefarious, but money does corrupt and infighting happens. It’s so much easier when you have directives written, and there’s a trust, and there’s a third party, and it just eliminates a lot of the fighting for sure.

Debbie Faulkner 21:07
Absolutely. Third parties are always a great way to avoid fighting. I just had a scenario, Dan, come in my office where my client has given during his life, 100 million dollars each of his children and there’s a daughter in law that still wants more money. So the whole goal now is to create an estate plan that can’t be set aside, because he’s not leaving more money. It’s all going to charitable benefactors. But there’s all kinds of concern that I see routinely in my office about sons and daughters in laws, maybe being too greedy. So that’s another thought. If it’s in trust, then your child can easily say, Hey, I don’t really have control of this. It’s governed by this trust and so I can’t make it yours.

Daniel Wendol 21:54
Right. Well, there you go. I mean, but that’s a big example. 100 million is a lotof money, but $100,000 could be a significant sum to a different couple. It doesn’t matter.

Debbie Faulkner 22:05
It could be $50,000. It can be, it could be $5,000. If you want it to go to your kid and you don’t want it to go to his spouse, that’s something to consider. This is another thing about beneficiary designations- if your beneficiary designate your children, they get the money outright without any strings attached. And you may want that for your children. But that also opens up the possibility that it’s going to be taken by a spouse, and things like that. So a trust can have restrictions in it, and a beneficiary designation cannot. So even for clients who do want their children to have 100% access with no strings attached, sometimes I’ll do a trust only for the reason that I can creditor protect it as well and predator protect it. It’s a good mechanism. There are situations where I recommend just having a Will because it’s easier.

Daniel Wendol 22:59
Right. And you can just name beneficiaries and there’s nothing too complex, they don’t have a lot of needs, they don’t have a lot of restrictions, they don’t want to rule from the grave- A beneficiary designation is all you need.

Debbie Faulkner 23:11
That’s right. And sometimes when when a couple comes in, and they have one son or daughter, and that’s all they’re providing for a simple Will will usually be just fine because we can beneficiary designate the accounts and this is where you would proactively use beneficiary designations. You can beneficiary designate, or designate on your bank account, a transfer on death designee somebody who gets the account when you die. And you can go through asset by asset and make sure your son or daughter is on the deed, and you can make sure they’re on your account and basically, we can avoid probate and provide for the beneficiary using proactively joint accounts, deeds and beneficiary designations.

Daniel Wendol 23:48
What about stuff that can’t be named to a beneficiary? Jewelry, just cash, the stuff that you have in the house, possessions? What do you do in that case if you would like to name a beneficiary? Do you create a trust for those?

Debbie Faulkner 24:05
That’s a great question. So typically what happens, although it’s not necessarily exactly what’s supposed to happen, is that the children or whomever surviving, takes and divides up the property outside of any court proceeding and outside of any trust proceeding.

Daniel Wendol 24:21
They just run to the house and divvy it up.

Debbie Faulkner 24:22
They just run to the house to divvy it up. And this is where a lot of wills and trusts arguments come into effect. But the reality is the courts don’t like dealing with personal property complaints, because it’s very difficult to determine what property was owned at the time of death unless somebody did an inventory right before mom or dad died. So there’s arguments. Oh, there was a ring here. Oh, there wasn’t. And it’s very, very difficult to prove. But if you have a trust, we can assign all of the tangible personal property to the trust so that it goes through the same proceeding. But there’s also with a will, at least at my firm, we always provide a form. It’s called a “personal property memorandum” or “tangible personal property memorandum.” Personal Property under the law is anything you can pick up or anything that you can basically see, like a car. But it’s not things like bonds, stocks, IRAs, those you can’t see and pick up. But your personal property inside your home, your furniture, your clothes, jewelry, we provide with your will and trust plan, a personal property memorandum and you basically handwrite who you want to leave specific items in your house. That form goes with the copy of your estate plan. You can update it anytime without your lawyer. You just provide your lawyer a copy. And you can say I want this vase to go to Child #1, I want this piece of jewelry to go to Child #2., and that’s supposed to be honored at the time that you pass away.

Is that enforceable?

It is enforceable.

Daniel Wendol 25:48
Okay. I mean, obviously you’re going to have people getting there and taking things and ransacking. But at least you have some recourse. That would be the best way to do it.

Now, this might seem like an off the wall question, but I get it so many times that it’s no longer off the wall. It’s kind of related. I have a lot of clients ask me – If I write a will and I have one child that I really don’t want to leave anything to, do I have to name them and give them $1 or else I’m opening a loophole for them to get something?

Debbie Faulkner 26:20
That’s an amazing question. I get this all the time as well. And unfortunately, or fortunately, depending on how you look at it, almost every family that I’ve had, I wouldn’t say every I would say 65% to 75% of the families cut out somebody.

Daniel Wendol 26:37
So how do you do it? How do you cut someone out of your Will?

Debbie Faulkner 26:39
So you never have to leave somebody any money if you don’t want to other than your spouse, but that’s a very long, complicated legal answer. But you don’t have to leave any children anything in your Will if you do not want to. The way to cut them out efficiently is to specifically name that they are your son or daughter, but that you wish to leave them nothing by Will, and you specifically disinherit them.

Daniel Wendol 27:03
Okay. All right. Most people say you have to leave them $1, but that’s just more of a reminder to make sure you at least name them.

Debbie Faulkner 27:13
Well, you don’t have to. But to ward off a potential Will contest you would want to say in there, this is my son or daughter, but I wish to leave them nothing or, you know, they’re not considered my son or daughter for purposes of anything in this Will, something like that. It shows that you didn’t make an inadvertent mistake by not naming them, which is the argument that will be made. “Oh, they forgot me. They didn’t mean to forget me, but they did.” No. We can write it in there. A lot of people don’t want to write exactly why, but in a Will contest, the lawyer is the primary witness in a Will contest because that’s the person who wrote the documents with the mom or dad. So what we would have in our notes, basically would say the reasons and that way if there was ever a contest that says, Well, I know they said they didn’t want to name me, but tat was a mistake. The lawyer would be able to testify – No mom or dad didn’t include you for these reasons.

Daniel Wendol 28:03
Got it. Now I want to wrap up. Before we go, I want to ask this other question, which is very common has to do with people moving to Florida. So they might have children all over the map, They are in Florida. They may have created a trust or a will in another state before they moved. What do they need to do to make sure that it’s honored in Florida?

Debbie Faulkner 28:24
That’s a great question. So the main lawyer answer I hear is you have to redo all of your documents.

Daniel Wendol 28:32
That’s what I hear from lawyers too. I’m sorry to interrupt you and throw you under the bus, but most people say immediately- “the lawyer is just saying that because they want money from me.”

Debbie Faulkner 28:41
I completely understand and the reality is, it is in a way that because the truth is your will or trust from New York or New Jersey or Ohio may be perfectly fine. The true answer is that if the will/trust document was executed perfectly in the other state, meaning that it complied with the other states law exactly on how you’re supposed to sign it into effect, it is effective in Florida. One of the wrinkles, that comes up often is that not all states require you to have two independent witnesses and a notary – three different people that are not the person signing the will as their own – to have the will take effect. If they do not have what’s called a self proving affidavit at the back of that will, which is something we advise under Florida law, then we have to find and locate the witnesses that signed to that Will. So that’s where a wrinkle comes up and this is why attorneys generally just say, oh, redo your documents. Yes, they want your money, but there are situations where if they don’t have that affidavit at the back of the will or trust, it may be impossible to find the people that signed your will into effect 20 years ago when you did it in New York or Ohio, New Jersey. I’m just listing random states that I see often. But it may be the case that you know, okay you have it and it’s fine as written, but when it needs to take effect, we may not be able to find that witness if they don’t have that particular formality in that state. If that happens, and we can’t locate them, the whole entire Will gets thrown in the trash, like I said earlier, and the law of Florida governs who gets your property. We never want to be in a situation where we advise the client, oh, yeah, it’s fine and then the property, their whole Will get thrown in the trash. This is why attorneys basically say, in an abundance of caution, the lawyers are very risk averse, that hey don’t want to be telling you something that’s wrong. That’s the real answer, Dan.

Daniel Wendol 30:41
Okay. That’s good. That’s a good answer. We’re going to have you come back in the future. I think we’re going to talk some more about taxes because I think that’s a whole other world that we should talk about. And I want to tease it with a quick question. Maybe you can answer. If you have a trust that you wrote up in New Jersey and you move down here and die, do you have to pay New Jersey taxes? And who who administers that trust upon that?

Debbie Faulkner 31:06
That’s a great question. So if you do have an old trust, and it’s from another state, and that state has inheritance taxes that states division of Treasury can basically come after you for paying those taxes. Especially if they first know about it, and you still have property in that state, that kind of thing. Some of the most more aggressive states that we see are New York and California. They are really aggressive about coming after people that they can argue still are residents of their state. So residency is not ironclad, like well, I have my driver’s license in Florida, so I’m a Floridian. It’s actually a confluence of different things they look at – where you’re registered to vote, where you own property. Let’s say your bank accounts are still ones that you opened up in another state like New Jersey. You know, they can argue, their division of Treasury can make an argument that you still live there and that you’re still a resident there. They can also make an argument to get paid.

Daniel Wendol 32:09
So if you do have a trust and you move to Florida, make sure you change the address of the trust. This way it doesn’t add that controversy because we do love our state income tax here.

Debbie Faulkner 32:19
Yes, zero.

Daniel Wendol 32:21
Well, thanks again, Debbie, for coming in and talking to us. This has been great. We talked about naming beneficiaries, the importance of it, and how they interact with Wills and supersede Wills. So if you’re listening to this show, and you haven’t checked your beneficiary documents, please go ahead and do so and make sure they’re accurate. Thanks, Debbie. And we’ll catch you next time. Thanks, listeners. If you have any questions you have for Debbie or I send us an email and we will get it answered on our next show!

Thanks for listening to Dolphin Financial Radio based in the Clearwater, Tampa area.