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.
- Previous post on Wills vs Beneficiaries: https://jctaccounting.com/2021/10/22/beneficiaries-vs-the-will/