3 Things To Do To Prepare Your Family Financially Before Your Death (#285)

Financial Advisors Say The Darndest Things

We all are going to die. But not all of us are preparing our families for it. And that is just sad. Because they need you to have your affairs in order. Or they will have to carry that burden on top of their already hard life, including losing someone so special to them.

So preparing for death is not just spiritual, but also financial. Preparation can help to avoid leaving behind a legacy of chaos and conflict. Ridgeway shares a poignant story about a family torn apart due to lack of proper financial planning, highlighting the necessity of having an estate plan, medical directives, and appointing trustworthy executors.

1. Importance of Estate Planning
   • Estate planning is crucial to avoid family disputes and ensure your wishes are respected. Without a clear plan, your family might face legal battles and emotional stress. Ridgeway's story of a family conflict underscores how a lack of preparation can lead to broken relationships.
2. Medical Directives and End-of-Life Decisions
   • A medical directive is a vital component of an estate plan. It provides clear instructions on medical interventions in case of severe illness. This can prevent unnecessary stress and disagreements among family members during difficult times, ensuring that your medical wishes are honored.
3. Appointing a Trustworthy Executor
   • The power of attorney ceases at death, making it essential to appoint an executor. This person will handle your estate according to your wishes. Ridgeway highlights that this role often falls to a spouse or close family member, but choosing the right person can prevent future conflicts and ensure smooth execution of your estate.
4. Educating and Preparing Successors
   • Preparing your heirs to manage their inheritance is crucial. Ridgeway suggests educating them about financial management to avoid squandering the estate. This preparation helps ensure that your legacy is preserved and that your heirs are capable of handling their newfound responsibilities.

Quotes

1. "If you don't do these three things before you die, you may give birth to a generation of sin including lying, stealing, and even death."
2. "Estate planning usually comes with what they call a medical directive. In that medical directive, you tell the doctors what to do in certain medical situations."
3. "When you make someone a beneficiary, think about this: you don't have to notify them of the amount. You could just put them on the policy or bank account, but be careful because depending on the account and how they are listed, you may be giving them more assets than you feel comfortable with."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.