"If I die before I wake"- Why you shouldn't die without a Will? (LIVE) (#283)

Financial Advisors Say The Darndest Things

In this episode, host AB Ridgway shares a personal story about his childhood fear surrounding the bedtime prayer "Now I Lay Me Down to Sleep," leading to an important discussion on the importance of financial planning and the legacy we leave behind.

Key Takeaways:

1. The Power of Instructions: Instructions are essential in various aspects of life, from taking care of a wound to managing finances. Just like how medical professionals provide care instructions post-surgery, individuals must leave clear financial instructions to ensure their loved ones are well taken care of in their absence.
2. Facing the Reality of Death: Ridgway emphasizes that death is an inevitable reality that we must prepare for. Avoiding the topic does not mitigate its impact. Instead, planning for it by leaving clear financial instructions can provide peace of mind and stability for our families.
3. The Importance of Financial Instructions: Writing down financial instructions is crucial. Ridgway advises against recording sensitive details like account numbers in insecure locations. Instead, he suggests creating a framework of financial wishes and storing it securely, ensuring that those left behind can access and execute these plans effectively.
4. Consequences of Neglecting Financial Planning: Ridgway shares a poignant story of a client who failed to update her beneficiaries, resulting in her son-in-law, whom she disliked, inheriting her estate. This example underscores the potential pitfalls and unintended consequences of neglecting to update and specify financial plans.
5. Taking the First Step: Even simple instructions can have a significant impact. Ridgway illustrates how a few sentences outlining basic wishes can guide a financial advisor to create a comprehensive plan. This initial step is critical in ensuring that one’s financial legacy aligns with their intentions.

Quotes:

1. "Death is a reality that we all have to face, and we can't just put our heads under the covers and hope that we will be okay in the morning."
2. "When you leave good instructions and have an executor follow those instructions as written, you will have more success."

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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.