So recently I created a little template that I like to call the “Financial Contentment Letter“. And it is really a discussion starter and thought provoker for clients to start to take action on their estate planning. This is a good document to go over before you create a will, medical & health care directives, or power of attorney because it helps you think through the things necessary in all those documents.
So I wanted to take the time during this show just to walk through the rationale behind my creation of this document and some of the experiences I’ve had that point to its importance.
A document like this would have been really helpful when my wife’s father passed suddenly a week after I graduated college. One of the last things your family is going to want to do is endure during the grieving process is trying to figure out what bills need to be paid and where the bank accounts are and what the passwords are. These are simple things that family “CFOs” take for granted.
Since this document is designed to be a conversation starter and thought provoker, it’s going to make you think of things like:
- Does my spouse know the passwords to all the financial accounts?
- Is there a safe or lockbox that my spouse doesn’t know about?
- What are all the financial institutions and life insurance companies where we have accounts?
- What are the phone numbers and/or the names of the representatives of those companies (e.g. agents, bankers, etc.)?
- Who are the beneficiaries on the account(s) we have? Anyone that shouldn’t be on there?
- Who would handle my estate? Are there any individuals I should have a conversation with about this? (e.g. adult children, trusted friend)
#financialplanning #taxstrategy #investmentstrategy #retirement #educationalplanning #estatestrategy #taxsavings #finlit #finance #money #financialadvisor #financialtips #financialadvice
Sound bumps provided by www.bensound.com