DM Mail Bag: Two Pieces of Advice Regarding Your Will

THE BIG THING I WANT YOU TO KNOW:

Put aside all of your preconceived feelings about death because the best gift you can leave your loved one is a document outlining all of your last wishes. This is the DM Mail Bag.

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you write, we respond

Responding to your most pressing questions from our mail bag is one of my greatest rewards.

Nothing question’s too simple or off-limits or off-topic, so let’s tee up the questions.

 
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Question #1

Lauren asked us “Where would you recommend a good place to write a will? Are online options like Fabric legitimate? “

As an advisor, I carry the unfortunate task of sitting across from a grieving person who has lost a loved one who has died intestate — legalese for dying without a will. The stress of not having updated (or any) documents with the loved one’s last wishes is a nightmare that has the ability to tear apart families and cost bundles of money in fees.

So kudos to you!

Yes, there are some good online options":


IMPORTANT: Make absolutely sure that your will is tailored to the state that you live in because different states have different laws regarding will execution
.

The second piece of advice: the more complex and nuanced your situation— children, estranged family members, property ownership, high-valued assets, business ownership— the more I encourage you to seek guidance from a lawyer who specializes in trusts and estate planning. But, the online options are a great place to start and are much better than not.

ONE MORE THOUGHT: Coupled with having an updated will, don’t forget you’ll need two — one medical and one financial — powers of attorney in the tragic event you are ever incapacitated. Add that to your list of important documents to tackle THIS WEEK!


question #2

Kelly sent in “My husband has a 401k from an old job that we need to roll over into something and we need to get a plan together for our future. I don’t want to work until death — what do we do?”

YES! High five, Kelly!

You are spot on for knowing that you need a plan! I meet so many people who arrive feeling hopeless and fraught with anxiety about their futures, but by the end of our meeting, they leave with promise and are excited because why? Because a dynamic plan is a game changer.

I wish I could dive into an amazing answer, but each individuals situation is so different that in the case of planning for your future I can say that you need a plan that’s designed to flex and bend and tailored to your situation.

The best way to make a plan for your life is to reach out or give me a call! I love answering specific questions with generic insight but trying to advice a more comprehensive plan needs in person consultation.


Want to ask Dynamic money your question?

Do it! We would love to help.

 

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