Today on the Minute – is estate planning just for the rich?
Well estate planning is certainly for the rich but it’s also for anyone who wants to make life easier for those they leave behind or those who must take over in the event that they are unable to care for themselves.
It’s Monday and I have a question. Is your money working for you?
My friends’ husband passed away unexpectedly and aside from losing her best friend and going through the grieving process she is now knee deep in papers trying to figure out what his wishes were, what insurances he had, debts, etc. See he was the kind of guy that was going to put things in order tomorrow. He was going to complete the estate planning kit I gave him that would have answered so many of these questions tomorrow. He was going to tell her where everything was and who to contact if she had questions tomorrow. And he was going to put a will and other documents in place tomorrow. Well, tomorrow has passed and it didn’t get done. And, things are a mess for his wife and kids.
But, I don’t want to put all of the blame on him. She is just as responsible as he is. She could have pushed him to do put things in order at any point but she chose not to. She could have asked to be a part of financial decisions or at least be informed about them at any point but she didn’t. Now she has to try to put it all together like pieces of a puzzle only she doesn’t have the picture on the box to see what it all should look like when it’s finished. So she could miss some parts like insurances that he never told her about.
Regardless of how this plays out – she needs to step up and do the things he didn’t do. They have minor children and without a will in place – the state will decide who will take care of them if something happens to her and that could be disastrous since she doesn’t really get along with most of her family. The real takeaway here is to pretend like tomorrow is today and just do it.
And, that’s the minute for today. I love helping people with all aspects of their financial lives. If you have a question, send it to me at email@example.com.
Thanks for listening and as always remember that minding your money really is the path to a richer life!