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: <ul> <li>1:23 - Introduction</li> <li>2:45 - Amy's FI Journey</li> <li>9:03 - Income Planning and FI</li> <li>17:24 - What Follows Tragedy</li> <li>28:33 - The Importance of Wills and Beneficiary Designation</li> <li>36:23 - Preparing in Advance and Considering The Possibility</li> <li>44:27 - Immediate Access and The Ancillary Things</li> <li>48:15 - Probate</li> <li>59:09 - Setting Up Your Estate</li> <li>65:09 - Conclusion</li> </ul> Resources Mentioned In Today’s Episode: <ul> <li><a href= "https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/" target="_blank" rel="noreferrer noopener">The Shockingly Simple Math Behind Early Retirement</a></li> <li><a href= "https://www.nolo.com/legal-encyclopedia/intestate-succession" target="_blank" rel="noreferrer noopener">Intestate Succession</a></li> <li><a href="https://www.choosefi.com/emergency-binder/" target= "_blank" rel="noreferrer noopener">The Family Emergency Binder | ChooseFI Ep. 125 (Promo Code "ChooseFI")</a></li> <li><a href="https://www.choosefi.com/read/newsletter/">Subscribe to The FI Weekly!</a></li> </ul> More Helpful Links and FI Resources: <ul> <li><a href= "https://www.choosefi.com/top-recommended-travel-cards/" data-type= "post" data-id="153934">Top 10 Recommended Travel Rewards Credit Cards</a></li> <li><a href="https://www.choosefi.com/pc" target="_blank" rel= "noreferrer noopener nofollow" data-type="link" data-id= "https://www.choosefi.com/pc">Empower: Free Dashboard to Track Your Finances</a></li> <li><a href="https://www.choosefi.com/CIT_PS" target="_blank" rel= "noreferrer noopener nofollow" data-type="link" data-id= "https://www.choosefi.com/CIT_PS">CIT Bank Platinum Savings Account</a></li> <li><a href="https://www.choosefi.com/M1signup" target="_blank" rel="noreferrer noopener nofollow">M1 Finance: Commission-Free Investing, 1-click rebalancing</a></li> <li><a href="https://my.cashfreely.net/share?bref=cfw" target= "_blank" rel="noreferrer noopener nofollow" data-type="link" data-id="https://my.cashfreely.net/share?bref=cfw">CashFreely: Maximize Your Cash Back Rewards</a></li> <li><a href="https://my.travelfreely.net/share?bref=cfw" target= "_blank" rel="noreferrer noopener nofollow" data-type="link" data-id="https://my.travelfreely.net/share?bref=cfw">Travel Freely: Track all your rewards cards and points</a></li> <li><a href="https://www.choosefi.com/legacybinder-blog" target= "_blank" rel="noreferrer noopener nofollow" data-type="post" data-id="8053">Emergency Binder: For Your Family’s Essential Info</a> (code ‘CHOOSEFI’ for 20% off)</li> <li><a href="https://www.studentloanplanner.com/choosefi/" target= "_blank" rel="noreferrer noopener nofollow" data-type="link" data-id="https://www.studentloanplanner.com/choosefi/">Student Loan Planner: Custom Consult</a> (with $100 Discount)</li> </ul>

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

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