476 | Love, Loss, and Money: The Shocking Financial Aftermath of a FI Spouse’s Death | Amy

In this episode: what follows tragedy, the importance of wills and beneficiaries, intestate succession, and probate.
This week we are joined by Amy to discuss her personal account and experience with estate planning in the event of an unexpected passing, and what this can look like when plans aren’t in place. While death can be an uncomfortable topic to think about, it’s important to take time to garner a plan in place so that your loved ones are both prepared and not overwhelmed in the event of your passing. A large part of FI is about taking actionable steps to make your life easier, and estate planning is no different. From designating beneficiaries and setting up wills, to utilizing password verification methods on your accounts, there are many actionable steps you can take in order to make the process of passing easier for your family and loved ones. Amy’s story is not meant to be a cautionary tale, but rather a reminder to not ignore or avoid a personal subject matter just because it’s uncomfortable.
Timestamps:

1:23 - Introduction 2:45 - Amy's FI Journey 9:03 - Income Planning and FI 17:24 - What Follows Tragedy 28:33 - The Importance of Wills and Beneficiary Designation 36:23 - Preparing in Advance and Considering The Possibility 44:27 - Immediate Access and The Ancillary Things 48:15 - Probate 59:09 - Setting Up Your Estate 65:09 - Conclusion Resources Mentioned In Today’s Episode:

The Shockingly Simple Math Behind Early Retirement Intestate Succession The Family Emergency Binder | ChooseFI Ep. 125 (Promo Code "ChooseFI") Subscribe to The FI Weekly! More Helpful Links and FI Resources: Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount)

[@dustyroads3071]

Amy, thank you for sharing your story. You gave us a lot to think about on our financial life journey.

[@Farhancanopyone]

Thanks for sharing your story, Amy! Truly an eye opening experience. Take care!

[@tacrewgirl]

Wow, this was an informative and painful story.
I like how Amy just says man-up and fill out your beneficiary and will info and make sure your spouse/partner has access to your accounts in case of death so there aren't having to tell many different people that you're dead to get access to funds for mortgage, utility, bank accounts.

[@vanessaruiztravelartistryb1347]

Amy, this was a tremendous gift! Thank you so very much for sharing your story. While I recently reviewed and updated my beneficiaries, there are several other action items that I will take care of immediately, beginning with the password manager. I wish you all the best.

[@robsplace3589]

What is the official definition of FI? It was obvious when I was broke, but how do I know when I’ve achieved financial independence?