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.
- Stay ignorant about the process
- Be clueless about the role of wills
- Put your kid’s name on the deed
- Dawdle indefinitely
- Don’t trust trusts
- Leave messy financial records
- Give your ex-spouse a parting gift
- 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.