By Debra L. Nelson, MSFS, CASL, Certified Financial Planner, Special Needs Planner
Raise your hand if you have ever experienced the loss of a loved one.
Do you know how important it is to have your financial treasures and the treasures of your heart in order? What do you need to pass on to your family when you are not here?
When you get your financial house in order, it is a gift of time, love & clarity. The primary purpose of getting your affairs in order is to reduce the stress and confusion that occurs should you suddenly become incapacitated or when you die! Most important, it preserves family relationships and provides family security.
Are you aware of the common problems or challenges that occur with the sudden loss or incapacitation of a loved one? Imagine for a moment that your spouse or loved one has suddenly passed away – the last thing a family needs to do is to start looking for those important papers to make the right decisions. What are the wishes of your loved one? Are assets titled properly? Your family doesn’t even know where to look for important data, and do you really want them to have to search through all of your junk drawers trying to find keys, passwords?
When Jeff, who is an estate planning attorney, Father died, he left a house full of memories, but little information. Jeff knew he wanted to be buried in the Arlington cemetery, but he couldn’t locate the papers to prove he was entitled to be buried there. After three days, Jeff finally found them being used as a bookmark in a book on the shelf in his father’s library.
Early in my career, a high-ranking military officer suddenly passed away. He and Alice had been married for 35 years and had three beautiful children. When Alice filed for military life insurance, she was shocked to find out that she was not the beneficiary. Her husband had been married once before for 7 months and the beneficiary papers were not updated. The first wife did not offer to share any of the proceeds.
We all live busy complicated lives that create a paper trail. The longer we live, the more we acquire – the wider and deeper that paper trail grows, and we must have a system to keep our information current.
I want to make it popular to have a financial physical every year and to fine-tune your life and exit plans. There are many tools that can be used that will minimize the time it takes to keep your legacy planning up to date. Why not organize it like you would an Anniversary or birthday? Let’s get it right!
Children don’t know how to bring up the subject of death with parents without appearing greedy. Or they are concerned that they will push their parents into mortality. Parents want to talk about it, but they don’t know how to begin. So, let’s get the Conversation started!
Did you know that the only thing you take with you is what you leave behind? It is so important to Leave the treasures of your heart, your stories, memories, the “family legends.” Does anyone have a letter from a parent or grandparent? When I meet someone who does, their faces light up with emotion and meaning. Write letters Telling your loved ones how much they mean to you. What your hopes and dreams are for their future. How you want them to use the inheritance you leave them. Videotape your elders – Record your stories so they will never be forgotten. Document your family medical history and genealogy. You will live in the hearts of your loved ones forever!
Don’t you want to reach the end of your life with peace of mind? Being satisfied that you have communicated all the treasures of your heart and financial accounts with your loved ones?
Plan Today So You Can Relax Tomorrow!
https://www.charlestonfp.com/Tedx-Talk-Whats-Your-Exit-Plan–Debra-Nelson.19.htm
