Tom: That’s good news. They are taking it back, but they’re really exchanging it with a little bump in price. Maybe they can give her a break, I don’t know. But, we have yet to talk to them. 303-713-TALK. We have Blake Harris with us, MileMileEstatePlanning.com, and I wanted to ask him, at what age does somebody need a Will?
Blake: We went through this question earlier today-
Tom: Oh, you did. You already did, on the air.
Blake: But it’s real quick. It’s not about the age, it’s about when you have beneficiaries. As soon as you have children that you are concerned about, it’s probably a good time to look into setting up an Estate Plan.
Tom: Okay, when you say Estate Plan, you certainly don’t think everyone needs a Trust, right?
Blake: No, certainly not. There’s a time when it’s appropriate to use a Will. There’s a time when it’s appropriate to use a Trust. It’s going to be a decision that I help clients make on a case by case basis.
Tom: Does it have to do with net worth?
Blake: It has to do with assets. It has to do with whether they own real estate. It has to do with whether they have children. Those are the three factors we look at, the overall asset level. If they own real estate, then I’m probably going to recommend they have a Revocable Living Trust to keep it outside of probate, and then also if they have children, we want to make sure that those assets are protected for the next generation.
Tom: Have you written up complicated Trusts where you want to leave something to your spouse, but you don’t want your spouse to spend it on her kids. Let’s say she has three or four kids, and you have three or four kids, but you want her to be taken care of, but not her kids.
Blake: Sure, so I would probably say the majority-
Tom: Does that, by the way, sound stingy when people say that?
Blake: The majority of the Estate Planning clients, the ones that are over the age 50, closer to the age of retirement, are blended families and they want to set up a structure just like that. They want to be able to provide for their spouse-
Tom: Because they feel like, “Wait a minute. I worked my life for my kids. Her kids, I just met at 30 years old,” or whatever-
Blake: They may not be particularly fond of those children.
Tom: Or, no. You may love them but they’re [crosstalk 00:01:49]-
Blake: They love them either way.
Tom: But they’re adults-
Tom: And they never get anything. [crosstalk 00:01:52] his father, their father.
Blake: Children, sure.