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ChooseFI

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

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.85K Ratings

🗓️ 12 February 2024

⏱️ 70 minutes

🧾️ Download transcript

Summary

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:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to choose a fight today on the show we have an incredibly important

0:04.3

episode and I think this is something that is going to be of great value to every single person listening

0:09.6

because most of us around the subject of death stick our heads in the sand and we don't want to think about it.

0:15.7

But as we all know, death is inevitable and we need to think about this

0:25.0

for mostly our loved ones and to prepare them and us for this eventuality and to not leave them in their most vulnerable time

0:31.0

without a plan and without a way to make this easier in the most stressful time.

0:37.0

And we have Amy on the show today to talk about a very intimate story

0:42.0

of her husband's passing in late 2021 and the ramifications

0:47.7

both financially and personally that came from them not having a will or trust or name beneficiaries on all their

0:56.7

accounts and I think this is really just such a personal story that I think

1:02.3

will steer into your brain just just

1:05.0

a personal story that I think will steer into your brain just how important this is and will really compel you to take action

1:09.5

moving forward the second you press stop on this episode.

1:12.7

I think this is really, really important.

1:14.8

Welcome to Choose OutFi.

1:16.4

Amy, thank you so much for joining me here at Chuzify. I really, really appreciate it.

1:28.0

Thanks, Brad, for having me.

1:29.0

Yeah, and like I said in the intro, this is a tough topic for a lot of us to talk about but like you and I were talking about before we have recorded it's so important and I think we need to stop sticking our heads in the sand and just leaning into the discomfort and saying,

1:45.8

look, this is really important for all of us. Obviously, you had this horribly unexpected situation

1:52.1

but you could have never envisioned.

1:54.2

That said, I think what your message is is, all right, take what happened to me and what can you

2:00.4

put into place today now that will just make your life easier, right?

...

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