Bob Lowry at A Satisfying Retirement, just posted a well thought out and very good blog on how to Protect Your Partner's Financial Well Being, I recommend that everyone read this post. When you die, you leave behind a partner who has to be able to carry on with life, and you can make it easier by not leaving any surprises about finances.
In his post-Bob says:
If a health problem or an untimely death leaves the survivor suddenly facing a desperate form of on-the-job-training there is the potential of a financial crisis. Of course, another option is to find a relative, outside person or business to take over this role. This can be quite expensive. Even worse, the person overseeing the matter may be untrained or even unscrupulous. Very quickly a lifetime of careful planning and investments can disappear.
It is much better for the "financial person" in the relationship to teach the "non-financial person" what must be done before disaster strikes. Taking the time to prepare another is an act of love. Frankly, I believe it is also an obligation, a part of what must be done in a committed relationship.
In his post-Bob says:
If a health problem or an untimely death leaves the survivor suddenly facing a desperate form of on-the-job-training there is the potential of a financial crisis. Of course, another option is to find a relative, outside person or business to take over this role. This can be quite expensive. Even worse, the person overseeing the matter may be untrained or even unscrupulous. Very quickly a lifetime of careful planning and investments can disappear.
It is much better for the "financial person" in the relationship to teach the "non-financial person" what must be done before disaster strikes. Taking the time to prepare another is an act of love. Frankly, I believe it is also an obligation, a part of what must be done in a committed relationship.
I agree with this assessment, please for you and your partners sake, take the time to read this post.
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