We all die eventually and someone has to take our financial reins. A few hours of work now could save your survivors a lot of trouble in their time of grief.
This is my first blog post related to personal finance, but it's one of my favorite subjects to read about and discuss. I've loved numbers and math since a very young age, and personal finance gives me the opportunity to plan and strategize with numbers. What could be more fun? Needless to say, not everyone reads that question without thinking of a long list of things that would be more fun for them. My better half is one of those people, so I manage our household finances while she remains blissfully unaware. Like many other couples, that arrangement works well for us.
Although I enjoy planning for our future, there's one event no one likes to think about: their own death and/or their partner's. You could be the most fit 138-year-old the world has ever seen and still get hit by a self-flying car one day. Without a plan in place, your loved ones could be left not only grieving but panicking as well. I can only imagine how difficult it would be for the little woman to take over our finances even if I were here to answer questions. Going solo without my help would be a total mess. What about you: would your spouse or partner be prepared? What if the scenario were worse due to dying together in an accident or very close in time? In that situation (or for single people), someone even less familiar with your finances such as a child or parent would have to figure things out.