Are your beneficiaries prepared for when you die? As Tony always says, “It’s not IF, it’s WHEN you die…”
The reality is that we all know we’re going to die, but have you prepared your loved ones for their role at your death? Unfortunately, many Savers never prepare their beneficiaries for the administrative role they’ll assume when the Saver is dead and gone.
Far too many people get caught up in the privacy of ‘How much do you have’ versus ‘What do you have’? This results in beneficiaries having to investigate what all accounts their parents had. To help your beneficiary, start by making a list of WHAT you’ve got… (it doesn’t matter how much) and where those statements, contract and documents are located. Documents like IRAs, 401(k)s, investment accounts, annuities, insurance information, bank accounts and information, etc. Download our NEW FREE RESOURCE: The Conversation Starter!
As a beneficiary of any account, the claim process must be followed in order for the money to get to the new, rightful owner. Claim paperwork and a death certificate will be needed in each instance. Your beneficiaries will need to acquire an original death certificate for each custodian or insurance company with which you have an account. It would be safe, in most cases, to order upwards of ten death certificates.
Finally, as you’ve probably heard, it’s best to not have all your eggs in one basket. HOWEVER, in Retirement Planning, it’s often best to have all your baskets under one roof! Tony certainly encourages Savers to diversify their retirement assets, but also encourages Savers to consider the convenience and planning opportunities of one advisor to oversee everything.
To sum everything up, these are the must do actions connected to Tony Walker’s One Roof Philosophy:
