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It's Time To Talk To Your Spouse

Hi Everyone, Happy Wednesday! I’d love to say Happy Spring, but it’s still freezing and there’s snow in the forecast! Although the weather may not be perfect, a couple of things to look forward to are the Estate Planning Basics Workshops we have scheduled for April. The first is April 5th at 6:30 pm at the Medway High School and the second is April 26th at 6:30 pm at the Mansfield Library as part of Money and Finance week. Both require registration and more information can be found here: Please pass along the information to anybody you may know who’s interested. This week we’re talking about the flow of your money. Many people do not know the state of their financial affairs or how their money will be distributed and/or handled when they pass away. Typically, one spouse is in charge of the finances and the other spouse knows very little about the couple’s overall wealth strategy. This situation creates chaos in the midst of grief if there is a loss.

The U.S. Census Bureau reported that 800,000 Americans lose their spouses each year, and 700,000 of them are women. Although losing a spouse may be the last thing you want to think about, here are some questions to consider now so you don’t have to worry about these details in the event of the unexpected:

  1. Do you know where your estate planning documents are stored? When was the last time they were updated?

  2. Do you have life insurance? If so, have you designated proper beneficiaries?

  3. Where are pension and retirement plans? Have you designated proper beneficiaries?

  4. When was the last time you spoke with your financial advisor or created a financial plan? Are you happy and familiar with the person managing your money?

  5. Do you have the necessary documentation in place should you lose capacity?

Nobody likes to think about death, but reviewing the above list can save much heartache later. If you need help answering any of the above questions or would like sit down and review your estate plan, please contact us today. Until next time, Amy

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