Podcast Episode 198: The Importance of Simplifying Your Estate

Today’s Wisdom:

Joel and his family have been dealing with the loss of his father, which has been an emotional time for everyone. It’s also helped reinforce the importance of having an estate plan in order and why keeping things simple can really benefit the loved ones you leave behind. 

Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.


What You’ll Learn:

The last few weeks have been difficult for Joel Johnson and the family after the loss of his father. The grieving process is never easy and dealing with the estate after only makes things more complicated.

We’ve seen that first-hand and it serves as a great reminder to make sure the estate plan gets plenty of attention during the planning process. Since this experience has hit so close to home, we wanted to share a few of the things Joel has dealt with and use this difficult time to help others put their family in a good position in case they have a similar experience.

You’ll hear throughout the conversation that the common theme to this is simplification. We all know that death is hard enough to handle so anything you can do to make life easier for your spouse and family will go a long way. Even for Joel, whose father stayed on top of his finances, there’s still a list of items that need to be sorted through and his mother is having difficulty doing that.

The first thing that everyone can do is get all of the accounts organized and kept in one place. Make sure your spouse can access everything and knows where to find it. Joel’s father, for example, set up the automatic bill pay for their monthly expenses and it’s saved so much worry. Take advantage of this option if you can because it’s such a huge burden lifted when you’re not stressing out over whether the bills are getting paid.

If you’re someone who has always handled the finances on your own, it’s still in your best interest to have at least a meeting with a financial planner. If nothing else for people, use that time to prepare for after your gone and you can’t manage the family money any longer. Make sure you get a second look at everything to ensure your assets are being passed along the way you expect.

We will always make this a part of the Money Map process for everyone that takes advantage of it. Let us help you simplify your finances and keep things from being more complicated than they already are.

Let’s get started with the show. You can listen to it by using the audio player above and click on the timestamps to skip to a specific topic of conversation.

[0:33] – The loss of Joel’s father

[2:18] – Financial steps after someone passes

[4:26] – Importance of simplifying things

[5:54] – What would you have done differently with their finances?

[7:22] – Taking care of the widow

[10:05] – How the Money Map simplifies planning

Thanks for listening to this episode. We’ll be back again next week for another show.


Final Thoughts:

“There’s just so much that has to be dealt with afterwards that I can’t stress enough the importance of simplifying things. Because even once things are as simple as they can be prior to someone passing away, they get complicated.”

– Joel Johnson

Understanding Risk in Your Portfolio

When Your Financial Plan Calls for Urgency

Simplifying the Financial Planning Complexities

Money Map Retirement Review

Attend A Workshop

Introduce A Friend

Submit A Question

Call us: 1-800-757-0436

Thank you for listening!