make arrangements
I will have been to two funerals in the past four weeks. One of the funerals, this coming Saturday, will be for a thirteen year old boy, whose mother had no life insurance on him. The other was for my friend’s (step)father, whose (step)children cannot find his will. Neither the young man nor the grandfather had warning, through sickness or otherwise, that they were going to die. Now one family is trying to bury a child with no insurance proceeds to help lighten the burden. Another family is trying to settle the affairs of their beloved father at their own expense, while facing possible disinheritance and a failure to meet their dad’s last wishes.
Get your houses in order.
And I’m going to practice what I preach, and do it right along with you, keeping you posted here on The Hustle.
Sorry to end the week on such a somber note, but time waits for no one. Enjoy your weekend, but don’t forget to put estate planning/insurance on your to-do list.
This was something that my realtor asked me about when I was closing on my home. And I totally forgot about it. I’m glad you reminded me.
Comment by S23 — September 26, 2008 @ 6:41 am
For those who have older parents or grandparents, you should consider having them add your name to their account(s) in order to avoid some of the hassle. It’s also important that is be the right type of account (with right of survivorship, IIRC) so that the account is not frozen upon their death.
You should also make/keep copies of any important information and documents (pensions, life insurance, retirement accounts, wills, POA, etc.). It may seem a bit morbid but will save you a lot of heartache in the long run.
Comment by GeckoGirl — September 26, 2008 @ 8:38 am