In this episode: what follows tragedy, the importance of wills and beneficiaries, intestate succession, and probate.
This week we are joined by Amy to discuss her personal account and experience with estate planning in the event of an unexpected passing, and what this can look like when plans aren’t in place. While death can be an uncomfortable topic to think about, it’s important to take time to garner a plan in place so that your loved ones are both prepared and not overwhelmed in the event of your passing. A large part of FI is about taking actionable steps to make your life easier, and estate planning is no different. From designating beneficiaries and setting up wills, to utilizing password verification methods on your accounts, there are many actionable steps you can take in order to make the process of passing easier for your family and loved ones. Amy’s story is not meant to be a cautionary tale, but rather a reminder to not ignore or avoid a personal subject matter just because it’s uncomfortable.
Timestamps:
Resources Mentioned In Today’s Episode:
351 | Year End Tax Planning 2021
350 | Runaway Winners and the Balanced Portfolio
349 | Paper Returns Vs. Real Returns
348 | The Rules of the Game
347 | How Did You Calculate That Return?
346 | How Do I Figure Out the Taxes on This?
345 | The Art of the Career Pivot
344 | Risk Avoidance and Deworsification
343 | Firing the Haters
342 | Don't Let Good Be the Enemy of Great
341 | Worthwhile Splurges
340 | Diamonds in the Rough
339 | Close the Loop
338 | 10 Ways to Increase Your Income
337 | Ordinary Sherpa
336 | $1K 100 Ways
335 | In a World Where You Can Do Anything, Why Do We Always Do the Same Thing?
334 | Experiments in FI: Inflation, Gardening, and Revocable Living Trusts
333 | Unlocking Your First Mini-Retirement
332 | Transform Your Tax Return Into a Springboard for Financial Planning
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