Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too.From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning. Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk! Check out Jenny’s part one episode here! In This Episode We CoverWhether or not a verbal promise of inheritance will hold up in the future Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable oneWhen to update your will and why Jenny DOESN’T keep a set timeline Protecting your heirs from losing their inheritance to divorce What to do when you get an inheritance that brings you more headache than it’s worth Why communication is critical in estate planning and who you should estate plan with And So Much More!Links from the ShowBiggerPockets Money Facebook GroupNetwork with Other Investors on The Path to FIRE Through the BiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott on BiggePocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Find an Investor-Friendly Agent in Your AreaFind Investor-Friendly LendersProperty Manager FinderBiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny RozelleBiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial FutureBiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)00:00 Intro01:28 Revocable vs. Irrevocable Trusts02:29 The Estate Planning Timeline05:35 Verbal Promises and Inheritance 10:21 When to Update Your Will12:04 Protecting from Divorce 14:58 Who to Estate Plan WITH18:23 The Downside of Inheritance 22:54 The “Napkin” Will25:34 Make Your Estate Plan Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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