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

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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 essential 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 more manageable for your family and loved ones. Amy’s story is not meant to be a cautionary tale but rather a reminder not to ignore or avoid a personal subject matter just because it’s uncomfortable.

Timestamps:

  • 1:27 – Introduction
  • 2:53 – Amy’s FI Journey
  • 9:28 – Income Planning and FI
  • 18:17 – What Follows Tragedy
  • 30:13 – The Importance of Wills and Beneficiary Designation
  • 38:35 – Preparing in Advance and Considering The Possibility
  • 47:10 – Immediate Access and The Ancillary Things
  • 51:11 – Probate
  • 62:53 – Setting Up Your Estate
  • 69:15 – Conclusion

Resources Mentioned In Today’s Episode:

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser. Disclosures.
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