A recent article from Get Rich Slowly poses a very important question:
What would happen if you, your spouse, a parent, someone who you shared a financial life with died today? Not next week after the car payment is sent in. Not next month when you’ve finally gotten around to writing down all of your passwords and account numbers. Not next year when you’ve updated your will. What would happen if they died today?
When I read this, I didn’t have a good answer to the question. I still don’t. I handle nearly all of the finances in our marriage. Most of our finances are automated at this point, but there are still aspects of our financial life that my wife is probably unaware of, or under-informed about. I realized I have some work to do in order to ensure that things would be able to continue as smoothly as possible if this unfortunate situation were to come about.
Where would you be in this scenario?
via Reader Story: Estate Planning – The First Month | Get Rich Slowly