Scenarios to think through in Estate Planning

In most of my life, I kind of fly by the seat of my pants. I try to adapt and move forward. But not when it comes to finances. I almost always have a plan as well as a backup plan or two in mind. It reminds me of this quote by Randy Pausch.

One thing that makes it possible to be an optimist, is if you have a contingency plan for when all hell breaks loose. There are a lot of things I don’t worry about, because I have a plan in place if they do.

Randy Pausch

When you’re working through your will and estate plan, you need to have a backup plan.

  • What happens if your spouse dies before you or at the same time? Or whoever your primary beneficiary is. Who are the secondary beneficiaries? Usually this is the kids.
  • What happens if you, your spouse, AND the kids all die at the same time? That might sound unlikely, but car wrecks and house fires happen.

In the video I walk through what I did personally.

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