397: Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

BiggerPockets Money Podcast

Financial freedom allows you to do what you want, when you want, and with who you want. But it’s not just for lounging in hammocks or jet-setting around the world. When tragedy strikes, a sudden loss occurs, and you need time to spend with your family, friends, and loved ones, financial freedom becomes the bedrock of what helps you recover. This is why the option to retire early is so crucial for the everyday American; you never know when you’ll need to take some time for yourself.

Jordan Klint, former guest on episode sixty-three, achieved financial freedom at a surprisingly young age, with five children to boot! His time freedom and ability to live on his terms was an added bonus the last time we talked to him, but now, we understand that it was necessary for Jordan to keep sane during the past year. Jordan’s family went through a significant tragedy, resulting in the loss of not one but multiple relatives all at once. This was an incredibly hard time for Jordan and his family but has allowed him to reflect on what FIRE-chasers need to do to ensure their families are protected when they pass.

While this episode does bring up some difficult points, it’s full of extremely useful tips that Jordan used to get his family’s finances together. We get into estate planning, why you need a will, life insurance, car insurance, and the “emergency binder” that EVERYONE should have. Don’t wait until the unexpected happens. If you’re building wealth, you NEED to put these plans in place.

In This Episode We Cover

Estate planning 101 and why trusts, wills, and other documents can protect your family’s wealth

Self-care, mental health, and why investing in your friends is so important

Life insurance and why buying a policy is crucial for family members who rely on you

Financial planners and how to use their expertise to help you structure an after-passing plan

Early retirement and how Jordan was able to take time to recover and recharge

Jordan’s post-retirement portfolio and how he’s spending his days after reaching financial freedom

And So Much More!

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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-397

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