b&b152 Bomopregha Julius on why you need an estate plan to end generational poverty
What happens after we die?
Estate planning, Trusts, Wills—these are things we associate with the wealthy, but do matter even after we’re gone. For this episode, we were able to talk to Bomopregha Julius, an [amazing] estate attorney, on the importance of planning even if you don’t think you have much to your name. Estate planning is still important and is often a (but not a necessarily a known) link to generational poverty.
Check out these artists featured in this episode:
Until I Die – Jupiter 7
Destined – Definite
Run Until I Die– Tonye Aganaba
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Bomopregha: The funny thing is, everyone has an estate when they die. Whether you do something with that estate or not do something with that estate, those depend on the circumstances. But an estate is for automatically (at least in New York state, that’s what I can speak to) upon death. So, whether you formalize that estate by going through the courts because you have to or because there are assets left over after your death and someone has to figure out what to do with them. So everyone has an estate. …All the stuff. That’s the positive. The negative is any debts you left. So that’s the estate. The estate encompasses positive, so assets, and negative, so debts.
Bomopregha: An estate is just a vehicle by which we deal with people’s either positives, assets, or their negatives, debts and liabilities they may owe, after death. So, I can’t deal with the person, so I’m gonna deal with the estate.
Bomopregha: You shouldn’t worry about debts and liabilities after death in which the person doesn’t have enough assets to cover them…you’re never personally liable for a decedent. A decedent is what’s called.
Bomopregha: It just comes from the background. If you are impoverished, if you are just trying to get by, if you are trying to survive, it’s very hard to think of future anything, and Wills, trusts and estates is future in its most deepest sense. Like, what happens to me after I die? So, you can’t think about that because you’re just trying to survive.
Bomopregha: If you are a parent or you’re thinking about being a parent, the only way to designate a guardian before you die is through a will.