When you die, do you want to give a huge chunk of your assets to a bank or a financial advisor?
Money that should rightly go to your loved ones or to a cause that is meaningful to you?
I doubt your answer is yes, yet this is what millions of people have inadvertently agreed to.
Let me explain how this happens so you can see if you’ve accidentally done this too.
HORRIBLE COSTLY SCENARIO
You’ve spent your life working hard, saving and investing to build up a decent pot of capital to give yourself a juicy life in retirement and to pass on the rest to those you love when you whizz off this earth.
Let’s say you have a neat $1 million in assets when you head off this mortal coil (i.e. when you die).
You’ve done the right thing and you have a Will in place.
You got the Will done cheaply or perhaps for free by your bank or financial advisor or perhaps even with a solicitor.
The bank, financial advisor or solicitor is named as the Executor of your Estate. You don’t question this.
Your Estate goes through probate and $35,000 before VAT or GST is paid to the Executor.
This is an average percentage, it could even be more!
Most people think this is a cost they just have to accept.
That is the cost of ignorance.
DO NOT DO THIS!
Do not get a free or cheap Will from your bank, financial advisory or solicitor.
It is NOT free. They are banking on the fee they will charge you as Executor when you die.
You do not need to nominate a “professional” as your Executor.
It is far better if you nominate someone who is good with admin and who you trust to be your Executor. This could be your Spouse, or a friend, or one of your kids.
In the Will you state that your chosen Executor can appoint a professional to assist with the probate administration for a fixed fee.
When you pop your clogs they can then price around and get various quotes for this service at that time.
This will save your Estate loads of unnecessary fees – meaning more of your money goes where you want it to go.
Get your Will done by a probate lawyer or practitioner and nominate a person you trust as your executor.
If you have a free or cheap will done by your bank or financial advisor, get this blunder sorted out FAST by having a new Will made.
Small bits of knowledge and small actions add up to massive differences in your financial wellbeing.
Please don’t let ignorance be the cause of massive amounts of your hard earned money going to those you never intended it to go to.
This is just one of the numerous wealth tips I give in the Masterclass on How To Die Free which is all about what you need to have in place to ensure your loved ones and your assets are protected when you die.
Go >here< to get the recording of the masterclass, plus The Wealth Chef’s comprehensive “Book of Death” which gives you the most comprehensive template to ensure you have ALL the aspects of your death sorted.
Do this, get this aspect of your life sorted so you can get on living your glorious juicy life, free of worry and anxiety.
P.S here’s what some of the masterclass attendees had to say about it.