49: Wealth Transfer—How to Financially Prepare for Inheritance Money with Hari Mix

Hari Mix figured out money in grad school and started saving for his future before he graduated. He became an assistant professor at Santa Clara University—and then, his mother was diagnosed with terminal cancer and his whole focus shifted. Today, Hari shares his experiences with his mother’s passing and how discussing it before she died made it easier for him to manage her estate afterwards. He shares some REALLY great tips for ways to handle an estate, including having all your documents in order and having a will. This episode gets pretty deep into topics that no one ever wants to think about, but that everyone will have to deal with, both with their parents and for their children. Having a will is a great first step, but there are lots of other things you can do to ease the financial transfer burden—and things you need to know before making any moves. The more prepared you are, the easier this process will be during one of the most difficult times of your life. If you’re in a position to inherit wealth from a parent or transfer wealth to heirs upon death, this is an episode you cannot miss. In This Episode We Cover: Hari's journey with money Why prioritizing saving and long-term goals for retirement is so vital The steps he took to handle his mother and grandfather's financial affairs How he ended up creating his own estate plan The importance of being open and honest with your family about financial affairs Steps for approaching your loved ones' financial affairs How to avoid the probate process How he fielded the discussion with the other heirs in his grandfather’s financial affairs The importance of talking to a professional The right time to contact an estate planning attorney Tips for investing an inheritance His written investment policy statement How he came up with his investing plan What he did after his mother died His idea of inflating his lifestyle The checklist you need for when somebody dies Peculiarities of inheriting money and IRAs And SO much more! Links from the Show Mr. Money Mustache American Academy of Estate Planning Attorneys LegalZoom Nolo.com Bogleheads Investing Advice and Info Learn more about your ad choices. Visit megaphone.fm/adchoices