This California lawyer warns that you should 'never leave anything' to your kids...
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This California lawyer warns that you should 'never leave anything' to your kids when you die — saying it will lead to serious financial woes. Here's why and what you should do instead
If you love your kids, don’t leave anything to them when you die, according to one California-based attorney.
Instead, you can save your loved ones from serious financial (and legal) woes by creating a living trust and making them beneficiaries, says Brittany Cohen, an estate planning and asset protection lawyer.
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The attorney — who raises awareness about money management, wills and trusts on TikTok — recently went viral for her video: ‘Six things as a money protection attorney I would never do.’
She also shares the one thing you should do to protect your heirs and set them up for success when you’re gone.
Trust in trusts
“I would never leave anything to my kids when I die,” Cohen says in a hard hitter right off the bat.
Instead, the attorney says she would put everything — including her life insurance accounts and her bank accounts — in a living trust, or revocable living trust, and she would name her kids as the beneficiaries of that trust.
A living trust allows you to manage your assets in your own name for as long as you’re able. The word “revocable” means the trust can be undone or changed.
You’ll have to name a “successor trustee” — which can be a family member, friend, a private fiduciary or even a bank — who can take over managing your assets in case of reduced mental faculties or death.
One of the most common misconceptions is that you need to have a lot of money to set up a trust — but that is “simply not true,” according to Cohen.
“Trusts are for the middle class too,” she states in the caption of her TikTok video, which has been viewed more than 1.2 million times and received almost 2,000 comments.
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