What if you or your spouse were to pass away unexpectedly? are you prepared to move forward with your own life if it were to happen? If not, now is the time to make the necessary preparations for it, because it’s not a matter of if, it’s a matter of when. If you don’t have a will, or better yet a Living Trust, when death comes it will leave you in a most unpleasant situation financially and possibly your loved ones as well.
I want to tell you a story about a friend of mine who is going through that right now. My friend, we will call her Jane lost her husband at the tender age of 58 due to cancer. That is such a young age to leave your family. Jane is not only left grieving but has to now deal with difficult financial situations that could have been avoided if they had taken the time to do a little financial planning. One day my husband and I had lunch with Jane, and the very first thing she said to us is “Make sure you have a Will”, in which we agreed. We discussed the situation she was dealing with, and how she had an appointment with an Attorney that day, and how he was suggesting things she needed to do now but was really no help to her now. She was frustrated and still did not have any clear direction.
It is important to plan for the future as early as possible, while many believe they have lots of time to get this very important part of financial planning done, it is wise to consider it while you are young because you are working and can save up the money to take care of it and have it out of your way. You never know when you will be affected by the death of a love one, take care of the ones you leave behind so they can grieve without worry of how they will pay for things. It has been probably 6 years ago when we decided to have a Living Trust prepared, we found a good Estate Planning Attorney to take care of it because they know how to instruct you and show you what you need to cover. The cost at that time was $1500.00 dollars which sounds expensive and it is, but so worth it because now if one or both of us die, we know that our wishes will be carried out, and things will not have to go through probate court. In a future blog post, I will show you what the finished product looks like and what we have included in it.
I hope you will take the time to consider how important it is to make the end of life planning a part of your Budget and provide a clear plan for those left behind so that they can make sure that all of your wishes are met easily. I know this is a short blog, but very important.
Until next blog,