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

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:

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)