Setting Up Wills and Trusts | MHFI 147

Doug and Amberly are back to discuss the pros and cons of different types of financial security, such as wills, trusts, and life insurance.

They also talk about why whole life insurance isn’t for everyone and explore some unusual scenarios.

Wills vs. trusts

  • Benefits of wills and trusts
  • Choosing a trustee
  • Potential scenarios in case of a divorce

Life insurance

  • Doug’s story on whole life insurance
  • Who can make medical decisions on your behalf
  • Accelerated death benefits

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**Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.**

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0:00 – Intro

6:20 – Amberly’s trust fund story

8:32 – Wills vs. Trusts – which is better?

10:24 – How to choose a trustee

14:04 – Benefits of a Trust

15:25 – Doug’s situation

16:13 – What could happen to your money when you die

21:09 – Funding your Trust

22:28 – Life Insurance

24:50 – Is Whole Life Insurance worth it?

39:38 – Accelerated death benefits

41:21 – Trusting someone with your life

46:16 – Financial coaching and mentorship with Amberly