One of the impacts that we’re seeing from COVID-19 is that more young people are engaging in estate planning and putting wills in place. In this episode of MoneyBetter, host Caitlin Moore chats with guests Kara Brostrom, Andrew Loudon, and Nate Wieting about why you should make sure you have a will in place — and what could happen to your estate and family if you don’t. They also discuss items you need to include in your planning that you may not think of, including stock options, family businesses, and more. Tune in to learn how to make those decisions and ensure you’re prepared, should the worst happen.

Contact our Guests:

Kara Brostrom

Andrew Loudon

Nate Wieting

Shownotes:

Key Takeaways:

The main reason people don’t get powers of attorney or estate documents in place is because they think it’s going to be expensive. But . . . it’s way more expensive if you don’t have the documents in place. We often encourage parents and grandparents to give [power of attorney planning] as a Christmas gift for their children and grandchildren who are young adults just because it’s so important.

If you don’t take back control and either establish a will and/or a will and trust for the benefit of your estate plan, then statutes are going to control. We look to Nebraska law, and it’s very interesting and typically not how people want assets to go when they pass.

You have to think about “what if.” What if someone dies in the wrong order? Our best advice is that the guardian who you choose — a family member or friend to be the legal parent — not be the trustee of the money . . . recommend considering an independent third party like Union Bank & Trust. UBT can be the trustee of the child’s trust while your family member is the guardian.

Delegation of parental authority: As a parent, you’re able to almost sign a power of attorney on behalf of your minor child . . . if you and your spouse is going out of town and you’re leaving the little ones with grandparents, you can say these individuals are going to be in control of my children for this time frame and the document is good for six months, or you can set a date time frame.

Other Key Tips:

• You have options for powers of attorney if you don’t want to nominate family or friends. Banks can serve as your financial power of attorney, and your family doctor can be your medical power of attorney.
• Own a business? Own a farm? Consider a prenup.
• Regularly check your beneficiaries on your accounts to make sure they reflect your current estate plan.

A wedding is a big milestone — not just for those embarking on the journey toward wedded bliss, but also for family and friends joining in on the celebration. With wedding season ramping up, the MoneyBetter team wanted to explore the financial aspects of wedding planning, especially when it comes to money and emotions. Our host Caitlin Moore chats with two of our own UBT employees about their wedding planning: Bailee Wellman, a newlywed who got married in June 2021, and Lindsey Deprez, whose wedding is planned for June 2022. We also talk about how wedding planning prepares you for marriage and how to have conversations with others involved about money and expectations.

Shownotes

Our quick tips:

• A longer engagement means more paychecks.
• Buy suits instead of renting tuxes when they are close to the same price.
• Send a survey out to your wedding party to see what they are comfortable with when it comes to spending expectations — and then go with the answer.
• If you’re jumping on the destination bachelor/bachelorette party trend, watch expenses and communicate openly with your wedding party on what they are comfortable spending.

Check out the ultimate wedding planning checklist and budgeting guide.

Bailee’s favorite vendors:

• Blush Bridal Boutique, wedding dress vendor: They were amazing to work with and just super encouraging and sweet.
• Ricky's Catering, caterer out of Hanover, Kansas: They made the process so incredibly easy, and they're also super affordable!
• HyVee, flowers and cake vendor: We worked with the one at 40th and Old Cheney, and Pam, the floral manager, took my ideas and ran with them and they were so incredibly beautiful. She did the flowers for the bridal party and several arrangements for the reception tables. The bakery did our cakes on a two-week notice after our previous plan fell through and delivered them to the venue. It required little work from us!

MoneyBetter Episode Highlights

3:23 | Bailee

“We worked from a spreadsheet… where we compared what we thought we might spend with each vendor and refer back to it… here’s how much we spent, what we still have to look at. We had a number that we said, we’re going to stay under this.”

7:38 | Lindsey

“I made an initial budget, thought we were doing great, and I was quickly reminded that things cost more than I think they do.”

9:07 | Lindsey

“There were some family members who put value on things that I didn’t necessarily put value on.”

13:45 | Bailee

“We did not want to inconvenience our wedding party at all with how much they were spending.”

18:04 | Lindsey

It’s so important to consider your wedding party’s expenses for being a part of your big day. Many of them aren’t local, and will have expenses for flights, hotel, possibly renting a car.

“We wanted to consider how this was going to impact them. We don’t want them to spend thousands of dollars for a weekend at our wedding.”

29:50 | Lindsey

The two sides of the coin:

“I went over budget on the dress, which is one thing I go back and forth with. Some days, I’m like, ‘We’re only getting married once.’ And then other days, I’m like, ‘You’re only going to wear the dress once.’”

38:30 | Lindsey

How much do certain things really matter?

"The guests aren’t going to remember if something was wrong or not done a certain way."

In this episode of MoneyBetter, we’re talking about money, shame, and the impact both can have on our relationships with others. Lots of people are struggling with shame around money, whether that’s shame about past choices or trying to live a lifestyle that looks good to others but isn’t one we can afford to sustain. Because we’re afraid to address that shame, we end up operating blindly and making financial mistakes that could impact our future. Our host Caitlin Moore leads the discussion with our guests to figure out how to identify internal and external factors, make more conscious decisions about spending as it relates to our values, and set boundaries within your social circle.

MoneyBetter episode highlights:

• “Ten seconds of vulnerability is all it takes . . . eases you and starts the conversation.”
• “You’re using hindsight to shame your past self. That’s literally not part of the equation at all.”
• “My worth as a human is not tied to my salary, the car I drive, the neighborhood I live in. Society may tell me that, but it’s not true, and that’s not what I believe is true about us as humans.”

Red more about shame and money here.

Caitlin watched the 20/20 episode about Anna Sorokin aka Anna Delvey. Learn more about her story here. And check out the show on Netflix.

Kate’s dream American Girl doll memorabilia includes a lot of Felicity — particularly her Christmas dress (one for the doll and a matching one for her) and all of Felicity’s furniture — as well as the American Girl of Today birthday party stuff, including the grill, patio furniture, and sheet cake; the American Girl of Today rollerblades; and the American Girl of Today Hanukkah outfit. And who could forget the doll travel set?

Where Caitlin spends all of her coffee money: Scooters and the Mill.

Looking for resources on healthier finances?

Have a question for one of our guests? Reach out!

Sam Dolezal, UBT

Kate Stous, UBT

Camille Sass, Revive Counseling LLC and Summit Equine Therapy LLC.