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476 | Love, Loss, and Money: The Shocking Financial Aftermath of a FI Spouse’s Death | Amy

ChooseFI

English - February 12, 2024 06:00 - 1 hour - 93.4 MB - ★★★★★ - 4.8K ratings
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Previous Episode: 475 | How to Access Your Retirement Accounts Before 59.5 | Sean Mullaney
Next Episode: 477 | The Hot Seat: Community Edition

In this episode: what follows tragedy, the importance of wills and beneficiaries, intestate succession, and probate.

This week we are joined by Amy to discuss her personal account and experience with estate planning in the event of an unexpected passing, and what this can look like when plans aren’t in place. While death can be an uncomfortable topic to think about, it’s important to take time to garner a plan in place so that your loved ones are both prepared and not overwhelmed in the event of your passing. A large part of FI is about taking actionable steps to make your life easier, and estate planning is no different. From designating beneficiaries and setting up wills, to utilizing password verification methods on your accounts, there are many actionable steps you can take in order to make the process of passing easier for your family and loved ones. Amy’s story is not meant to be a cautionary tale, but rather a reminder to not ignore or avoid a personal subject matter just because it’s uncomfortable.

Timestamps:

1:23 - Introduction 2:45 - Amy's FI Journey 9:03 - Income Planning and FI 17:24 - What Follows Tragedy 28:33 - The Importance of Wills and Beneficiary Designation 36:23 - Preparing in Advance and Considering The Possibility 44:27 - Immediate Access and The Ancillary Things 48:15 - Probate 59:09 - Setting Up Your Estate 65:09 - Conclusion

Resources Mentioned In Today’s Episode:

The Shockingly Simple Math Behind Early Retirement Intestate Succession The Family Emergency Binder | ChooseFI Ep. 125 (Promo Code "ChooseFI") Subscribe to The FI Weekly! More Helpful Links and FI Resources: