If you Die, Is Your Money Mapped?

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Money
Money

If I died tomorrow I can honestly say that my wife would have a hard time navigating through the spider web of bank accounts, insurance policies, and 401k plans that I’d leave behind. No, it’s not because they are worth a lot, it’s because I don’t have a map telling her where everything is located.

I am very unorganized with after-death planning and there really is no excuse for it. It’s time to make a change.

An article on Bankrate states:

“The biggest single mistake is avoiding the subject altogether. There are a couple of reasons that people do that. For one, it’s not fun and I can’t make it fun. Secondly it’s procrastination, (caused by) fear of thinking about your own mortality,” says Clifford.

I know I can’t be alone in this and I am already convinced that it’s time for me to create a plan. If you need convincing, here are 8 mistakes from Bankrate. Clicking on a link will take you to their site for an explanation.

  1. Stay ignorant about the process
  2. Be clueless about the role of wills
  3. Put your kid’s name on the deed
  4. Dawdle indefinitely
  5. Don’t trust trusts
  6. Leave messy financial records
  7. Give your ex-spouse a parting gift
  8. Let others figure out what you want

So if you don’t have any strategy outlined for your assets, what’s the reason? I am committing to having everything in place by the end of this year. I obviously don’t like the thought of my death but it’s time to face the music and get this one done.

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