What will happen to your assets when you die?

In the same vein of our recent "news you can use" articles on umbrella insurance and the TreasuryDirect program, today we focus on two important (and under-utilized) estate planning tools: wills and living trusts.

Wills and living trusts make sense for those who are married, have children, own real estate, have financial or other material assets, and/or wish to influence how their estate is distributed after their death. I'm guessing the vast majority of folks reading this fall into at least one of these categories.

Yes, this is morbid territory to tread into. But it's important.

A few months ago, right after I published What Really Matters, a good friend died suddenly of a heart attack at age 42. There was no warning. He was a former college athlete, still-fit, and died on the basketball court during his weekly practice. He left behind a wife and three children, one with life-long special needs.

Fortunately, my friend was a lawyer, and had practiced what he preached professionally. He had put a well-constructed estate plan in place while alive (along with a healthy life insurance policy).

I saw first-hand the great benefits this gave his family upon his sudden passing. They were able to fully focus on dealing with their grief, as the estate plan largely took care of all the legal and financial details in the background.

If you've had an immediate family member or close friend pass away, you're likely aware of the tremendous number of tasks and decisions that need to be dealt with when someone dies. Aside from the obvious treatment of their remains and funerary arrangements, the deceased's estate needs to be settled.

This means an executor needs to be appointed who will manage the process, creditors need to be paid as will any estate taxes, heirs need to be identified and assets distributed among them (which in many cases requires selling/disposition of these assets first), care for minor children needs to be arranged, etc. This process is oftentimes managed by the state (i.e., slowly and often inefficiently).

This is an awful lot to put a surviving spouse through (assuming there is one) during a time of extreme grief. The same goes for children.

And this burden gets compounded if there's no estate plan in place. What assets did the deceased own? Where are they? Whom did he/she want to inherit them? All of these questions need to be answered during the estate settlement process.

Imagine trying to untangle all this right after your spouse, parent, sibling or friend has died. When you're already emotionally traumatized.

Now imagine that the heirs involved don't agree on how the estate should be divided, and infighting ensues. Relationships can easily get permanently damaged and money quickly drained should expensive lawyers get involved to contest the matter. The situation often gets very ugly, very quickly. (Click here for a sampling of horror stories resulting from when folks died without a will.)

Why risk putting your loved ones through this? Especially when it's so easily avoidable, and relatively inexpensive to do so?

Look, every one of us is going to die. That's the only rock-solid guarantee we're given during our time on Earth.

You've worked hard your whole life to take care of those important to you. Don't drop the ball on the 1-yard line. Take care of them in your death, too.

Wills & Living Trusts

The bedrock of a good estate plan involves a will and a living trust. I'll explain the role of each, the differences between the two, and the wisdom of having both.

NOTE: What follows is a summarization. While wills and living trusts are fairly simple conceptually, there are lots of special cases. Many of those are not addressed below so as not to prevent this article from becoming densely encyclopedic. Also, I am not a lawyer -- meaning: take this synopsis as education, not personal legal advice. If you want that, consult an estate lawyer.

OK, with that out of the way, let's proceed.

Will

Most folks are familiar with the concept of a will. Every murder mystery usually has a scene where the family gathers at the lawyer's office to hear the reading of the late victim's will: "Being of sound mind, I hereby bequeath to my nephew, Chauncey, my collection of rare Amazonian butterflies..."

Simply put, a will is a legal document that specifies:

  • how you want your assets distributed upon your death,
  • whom you grant the power to oversee that distribution (i.e., your "executor"), and
  • whom you want to have guardianship of your minor children, should there be any

Sounds like something every responsible adult should have, right? I agree.

But amazingly, 63% of US adults do not have a will. And an additional 9% have a will that's no longer up to date. Even among the more affluent, 45% do not have a will.

So those ugly issues I mentioned above of what can happen when you die without a will? They're very real and actually happen a lot.

Which is criminal, as a will is a straightforward document that shouldn't cost you more than a few hundred dollars (at most) and a few days to create (I'll give more specifics on the will creation process in Part 2). There really aren't any good reasons why the vast majority of us, especially those with minor children, shouldn't have one.

The key downside to note with a will is that it's subject to probate. Probate is the judicial process that determines the validity of the deceased's will. None of the instructions laid out in your will can be undertaken until a court accepts its validity and "grants probate" to your specified executor.

Probate isn't much fun. It takes time: typically a few months, but it can last years in certain cases. It can be costly: expect to pay somewhere between 3-8% of your estate's assets in combined attorney, court and other fees.

Probate can be challenging for real estate, especially investment properties. Until these assets have passed probate, your heirs (including your spouse) cannot manage or dispose of them. They're locked in limbo, which can get quite inconvenient if the probate period stretches for many months or years.

It's also a public process. During the probate period, your will is made available upon request to anyone who asks for it. So the details of your estate and your disposition wishes are not kept private. And your will can be challenged in court during this time by anyone who feels they have a valid claim on your assets.

Which brings us to Living Trusts...

Living Trusts

A trust is a legal arrangement in which one or more people manage or take care of property for someone else's benefit.

There are several major benefits you can enjoy by placing your assets into a trust to manage them while you're alive (that's why it's called a "living" trust). One of them is avoiding probate upon your death.

Once your assets have been placed inside a living trust, they're managed by its Trustees on behalf of clearly-specified Beneficiaries. So with ownership transfer, executorship and distribution are already worked out -- the probate court doesn't need to get involved.

For most couples, this allows the surviving partner to retain seamless control of all Trust assets after the other dies. The assets don't go through the probate process, there are far less fees involved, and the process is private. (The estate still can be contested, though. But the details of the estate's assets don't have to be made available to the public upon request.)

Avoiding probate is just one of the advantages offered by living trusts.

Another big one is (potentially) reducing estate taxes. I'll spare you the wonky details for now, but there are ways for your trust to take advantage of deductions and credits that may materially reduce the estate tax liability on your wealth after you and/or your surviving spouse die. Any estate lawyer or tax accountant worth their salt can walk you through the details.

Your living trust will also enable you to control how your assets flow to your heirs. If you have minor children, most states won't let them own property directly while they're 17 or younger. And if you're passing along a substantial amount of wealth, giving it to all to them at age 18 in a lump sum is a bad idea (unless you want the inheritance squandered in an epic blast of debauchery).

Via your trust, you can specify how you want your assets (and any associated income from them) to be meted out to each heir over time -- based on age milestones, financial need, use (e.g., education), mental competency, or any other conditions important to you.

Similarly, a living trust is helpful in keeping your assets managed the way you want should you become incapacitated (i.e., still living, but not able to mentally or physically manage your affairs). For many of us, living too long may become the bigger risk to our estate vs dying too soon.

Last, the most common form of living Trust is amendable throughout your life. You can change it at anytime, as often as you like. Or you can dissolve it altogether. The bottom line is, you're in full control over everything while you're alive (and mentally competent).

Getting Started

OK, as a refresher:

  • A will is a good idea for pretty much everyone. But it's especially important for people with minor children. A trust does not specify legal guardianship in the event of your death. Only a will does that.
  • A living trust makes sense for anyone with assets and heirs (especially your spouse) they want to pass their wealth along to. Some experts say living trusts make sense if you expect your estate to be worth over $150,000; others go as low as $20,000.

The cost to set these up is pretty trivial compared to the huge benefits they can offer your loved ones. A will costs a few hundred bucks (or less) to set up and can be completed in a matter of days (or less). A living trust will range between several hundred and a few thousand dollars, depending on how sizable/complicated your estate is.

In Part 2: A Primer On The Essentials For Your Will & Living Trust, we walk through in detail the principal legal elements that your will and living trust should address. This includes specific clauses your documents should contain (unless advised otherwise by a professional), as well as helpful context for the most common decisions folks will face when creating/updating these legal vehicles.

If you don't yet have a will and/or a living trust, or it's been a while since you've reviewed the ones you have, read on. Your loved ones will be glad you did.

Click here to read Part 2 of this report (free executive summary, enrollment required for full access)

U.K. forces digital IDs on workers—Is the U.S. next in line?

OLI SCARFF / Contributor | Getty Images

From banking to health care, digital IDs touch every aspect of citizens’ lives, giving the government unprecedented control over everyday actions.

On Friday, British Prime Minister Keir Starmer stood at the podium at the Global Progressive Action Conference in London and made an announcement that should send a chill down the spine of anyone who loves liberty. By the end of this Parliament, he promised, every worker in the U.K. will be required to hold a “free-of-charge” digital ID. Without it, Britons will not be able to work.

No digital ID, no job.

The government is introducing a system that punishes law-abiding citizens by tying their right to work to a government-issued pass.

Starmer framed this as a commonsense response to poverty, climate change, and illegal immigration. He claimed Britain cannot solve these problems without “looking upstream” and tackling root causes. But behind the rhetoric lies a policy that shifts power away from individuals and places it squarely in the hands of government.

Solving the problem they created

This is progressivism in action. Leaders open their borders, invite in mass illegal immigration, and refuse to enforce their own laws. Then, when public frustration boils over, they unveil a prepackaged “solution” — in this case, digital identity — that entrenches government control.

Britain isn’t the first to embrace this system. Switzerland recently approved a digital ID system. Australia already has one. The World Economic Forum has openly pitched digital IDs as the key to accessing everything from health care to bank accounts to travel. And once the infrastructure is in place, digital currency will follow soon after, giving governments the power to track every purchase, approve or block transactions, and dictate where and how you spend your money.

All of your data — your medical history, insurance, banking, food purchases, travel, social media engagement, tax information — would be funneled into a centralized database under government oversight.

The fiction of enforcement

Starmer says this is about cracking down on illegal work. The BBC even pressed him on the point, asking why a mandatory digital ID would stop human traffickers and rogue employers who already ignore national insurance cards. He had no answer.

Bad actors will still break the law. Bosses who pay sweatshop wages under the table will not suddenly check digital IDs. Criminals will not line up to comply. This isn’t about stopping illegal immigration. If it were, the U.K. would simply enforce existing laws, close the loopholes, and deport those working illegally.

Instead, the government is introducing a system that punishes law-abiding citizens by tying their right to work to a government-issued pass.

Control masked as compassion

This is part of an old playbook. Politicians claim their hands are tied and promise that only sweeping new powers will solve the crisis. They selectively enforce laws to maintain the problem, then use the problem to justify expanding control.

If Britain truly wanted to curb illegal immigration, it could. It is an island. The Channel Tunnel has clear entry points. Enforcement is not impossible. But a digital ID allows for something far more valuable to bureaucrats than border security: total oversight of their own citizens.

The American warning

Think digital ID can’t happen here? Think again. The same arguments are already echoing in Washington, D.C. Illegal immigration is out of control. Progressives know voters are angry. When the digital ID pitch arrives, it will be wrapped in patriotic language about fairness, security, and compassion.

But the goal isn’t compassion. It’s control of your movement, your money, your speech, your future.

We don’t need digital IDs to enforce immigration law. We need leaders with the courage to enforce existing law. Until then, digital ID schemes will keep spreading, sold as a cure for the very problems they helped create.

This article originally appeared on TheBlaze.com.

The West is dying—Will we let enemies write our ending?

Harvey Meston / Staff | Getty Images

The blood of martyrs, prophets, poets, and soldiers built our civilization. Their sacrifice demands courage in the present to preserve it.

Lamentations asks, “Is it nothing to you, all ye that pass by?”

That question has been weighing on me heavily. Not just as a broadcaster, but as a citizen, a father, a husband, a believer. It is a question that every person who cares about this nation, this culture, and this civilization must confront: Is all of this worth saving?

We have squandered this inheritance. We forgot who we were — and our enemies are eager to write our ending.

Western civilization — a project born in Judea, refined in Athens, tested in Rome, reawakened in Wittenberg, and baptized again on the shores of Plymouth Rock — is a gift. We didn’t earn it. We didn’t purchase it. We were handed it. And now, we must ask ourselves: Do we even want it?

Across Europe, streets are restless. Not merely with protests, but with ancient, festering hatred — the kind that once marched under swastikas and fueled ovens. Today, it marches under banners of peace while chanting calls for genocide. Violence and division crack societies open. Here in America, it’s left against right, flesh against spirit, neighbor against neighbor.

Truth struggles to find a home. Even the church is slumbering — or worse, collaborating.

Our society tells us that everything must be reset: tradition, marriage, gender, faith, even love. The only sin left is believing in absolute truth. Screens replace Scripture. Entertainment replaces education. Pleasure replaces purpose. Our children are confused, medicated, addicted, fatherless, suicidal. Universities mock virtue. Congress is indifferent. Media programs rather than informs. Schools recondition rather than educate.

Is this worth saving? If not, we should stop fighting and throw up our hands. But if it is, then we must act — and we must act now.

The West: An idea worth saving

What is the West? It’s not a location, race, flag, or a particular constitution. The West is an idea — an idea that man is made in the image of God, that liberty comes from responsibility, not government; that truth exists; that evil exists; and that courage is required every day. The West teaches that education, reason, and revelation walk hand in hand. Beauty matters. Kindness matters. Empathy matters. Sacrifice is holy. Justice is blind. Mercy is near.

We have squandered this inheritance. We forgot who we were — and our enemies are eager to write our ending.

If not now, when? If not us, who? If this is worth saving, we must know why. Western civilization is worth dying for, worth living for, worth defending. It was built on the blood of martyrs, prophets, poets, pilgrims, moms, dads, and soldiers. They did not die for markets, pronouns, surveillance, or currency. They died for something higher, something bigger.

MATTHIEU RONDEL/AFP via Getty Images | Getty Images

Yet hope remains. Resurrection is real — not only in the tomb outside Jerusalem, but in the bones of any individual or group that returns to truth, honor, and God. It is never too late to return to family, community, accountability, and responsibility.

Pick up your torch

We were chosen for this time. We were made for a moment like this. The events unfolding in Europe and South Korea, the unrest and moral collapse, will all come down to us. Somewhere inside, we know we were called to carry this fire.

We are not called to win. We are called to stand. To hold the torch. To ask ourselves, every day: Is it worth standing? Is it worth saving?

The light shines in the darkness, and the darkness has not overcome it. Pick up your torch. If you choose to carry it, buckle up. The work is only beginning.

This article originally appeared on TheBlaze.com.

Stop coasting: How self-education can save America’s future

Joe Raedle / Staff | Getty Images

Coasting through life is no longer an option. Charlie Kirk’s pursuit of knowledge challenges all of us to learn, act, and grow every day.

Last year, my wife and I made a commitment: to stop coasting, to learn something new every day, and to grow — not just spiritually, but intellectually. Charlie Kirk’s tragic death crystallized that resolve. It forced a hard look in the mirror, revealing how much I had coasted in both my spiritual and educational life. Coasting implies going downhill. You can’t coast uphill.

Last night, my wife and I re-engaged. We enrolled in Hillsdale College’s free online courses, inspired by the fact that Charlie had done the same. He had quietly completed around 30 courses before I even knew, mastering the classics, civics, and the foundations of liberty. Watching his relentless pursuit of knowledge reminded me that growth never stops, no matter your age.

The path forward must be reclaiming education, agency, and the power to shape our minds and futures.

This lesson is particularly urgent for two groups: young adults stepping into the world and those who may have settled into complacency. Learning is life. Stop learning, and you start dying. To young adults, especially, the college promise has become a trap. Twelve years of K-12 education now leave graduates unprepared for life. Only 35% of seniors are proficient in reading, and just 22% in math. They are asked to bet $100,000 or more for four years of college that will often leave them underemployed and deeply indebted.

Degrees in many “new” fields now carry negative returns. Parents who have already sacrificed for public education find themselves on the hook again, paying for a system that often fails to deliver.

This is one of the reasons why Charlie often described college as a “scam.” Debt accumulates, wages are not what students were promised, doors remain closed, and many are tempted to throw more time and money after a system that won’t yield results. Graduate school, in many cases, compounds the problem. The education system has become a factory of despair, teaching cynicism rather than knowledge and virtue.

Reclaiming educational agency

Yet the solution is not radical revolt against education — it is empowerment to reclaim agency over one’s education. Independent learning, self-guided study, and disciplined curiosity are the modern “Napster moment.” Just as Napster broke the old record industry by digitizing music, the internet has placed knowledge directly in the hands of the individual. Artists like Taylor Swift now thrive outside traditional gatekeepers. Likewise, students and lifelong learners can reclaim intellectual freedom outside of the ivory towers.

Each individual possesses the ability to think, create, and act. This is the power God grants to every human being. Knowledge, faith, and personal responsibility are inseparable. Learning is not a commodity to buy with tuition; it is a birthright to claim with effort.

David Butow / Contributor | Getty Images

Charlie Kirk’s life reminds us that self-education is an act of defiance and empowerment. In his pursuit of knowledge, in his engagement with civics and philosophy, he exemplified the principle that liberty depends on informed, capable citizens. We honor him best by taking up that mantle — by learning relentlessly, thinking critically, and refusing to surrender our minds to a system that profits from ignorance.

The path forward must be reclaiming education, agency, and the power to shape our minds and futures. Every day, seek to grow, create, and act. Charlie showed the way. It is now our responsibility to follow.

This article originally appeared on TheBlaze.com.

Glenn Beck joins TPUSA tour to honor Charlie Kirk

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If they thought the murder of Charlie Kirk would scare us into silence, they were wrong!

If anything, Turning Point will hit the road louder than ever. On Monday, September 22, less than two weeks after the assassination, Charlie's friends united under the Turning Point USA banner to carry his torch and honor his legacy by doing what he did best: bringing honest and truthful debate to Universities across the nation.

Naturally, Glenn has rallied to the cause and has accepted an invitation to join the TPUSA tour at the University of North Dakota on October 9th.

Want to join Glenn at the University of North Dakota to honor Charlie Kirk and keep his mission alive? Click HERE to sign up or find more information.