E18: Wills & Trusts

Guest Kerry Reilly returns for a sobering-yet-important episode that takes a deeper dive into wills, trusts, and the importance of estate planning. The conversation addresses the worrying fact that a vast majority of Black Americans lack a legally-framed will, and how this oversight could prevent their participation in the largest wealth transfer in US history. Examples include high-profile celebrities like Chadwick Boseman, Prince, and Aretha Franklin, who tragically passed away with no wills - or unclear ones - triggering complex financial headaches for their heirs.

Kerry Riley navigates us through the maze of legalities surrounding wills and trusts, providing practical advice and clarifying common misconceptions. She explains how these legal documents operate before and after death, how frequent updates should be, and distinct issues regarding tangible property and real estate ownership. In particular, Kerry provides an easy-to-grasp analogy of trusts as a "lockbox" for assets. She also notes the varying implications of owning a property individually vs in joint tenancy, adding layers to the discussion.