The fact that my life had instantly transitioned into a foreign, new reality was finally processed for me when my dad’s business partner showed me around their recycling business—adventure that I knew absolutely nothing about.
Managing your own personal finances can be tough. And if you had to explain those finances to another person, well, you may both be scratching your heads trying to keep things straight. So you can only imagine how difficult it can be when you become the executor of someone else’s estate.
As usual, it’s good to learn from the mistakes of others. In this spirit, check out a recent autobiographical article from Forbes titled “What My Dad's Death Taught Me About Money.”
I often remind our clients that estate planning isn’t really about you, it’s about your family members who have to deal with your stuff after you’re gone. But here are a couple of other good take-aways from the Forbes piece:
Lesson #1: Everyone Should Have an Estate Plan . . . or at Least a Will
Lesson #2: Adequate Medical Insurance is a Must
Lesson #3: Mental Breaks Trump Burgeoning Bank Accounts
Learn from the mistakes of others, so that others don’t have to learn from yours.
Reference: Forbes (April 19, 2013) “What My Dad's Death Taught Me About Money”