Blog Archives for tag estate planning
It’s Only “Stuff!”
I’m not worried about my personal “stuff.” I don’t really have that much, plus my kids get along fine anyway….do you know anyone who has said this? Do you know any family members who have ended up arguing, or not speaking to each other after dividing “stuff?”
Studies show that personal property after the death of a loved one is an issue that impacts individuals regardless of their financial worth, heritage or cultural background. Emotions and family relationships impact decision making. Inheritance decisions can enhance or destroy family continuity.
How many kids do you have? Do the kids ever disagree? Is one a dominant personality? Are they equal in financial assets? Do they have spouses that get along well with your family?
These are some of the questions to answer when pre-planning your final arrangements. By making your pre-plans, one important gift you are giving your kids is family harmony. My dad used to say we shouldn’t “borrow trouble.” However, when no pre-plans are in place – that is exactly what we are doing – borrowing trouble, especially if our children are not “equal” financially and personality-wise.
One of the most common omissions that people make in their financial planning is to review their beneficiaries every year or so. Choose a specific date and make yourself a reminder, along with a list of your holdings and take the time for a review. If you have a financial advisor, review your beneficiaries with him/her. Make a list of all of your insurance policies, your bank accounts and your investments. Make sure that the person(s) listed as beneficiaries is still appropriate.