Have You Taken This Essential Financial Planning Step? (Part 2)

  Рет қаралды 7,327

Two Sides Of FI

Two Sides Of FI

Күн бұрын

Пікірлер: 24
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
What did we miss? If you've got suggestions to help others with estate planning, we'd love to hear from you in the comments.
@greenwaybikexploring
@greenwaybikexploring 2 жыл бұрын
I appreciate the mention of having a boat burning as the end-of-life, memorial plan. I honestly used that for my own infant daughter who passed shortly after birth. We had been given clear guidance from our medical professionals that she would pass shortly after birth, so we had several months of planning. Between my spouse and myself, we chose cremation and I ordered a model boat to torch. My parents joined us at a public park and we had a simple, brief bonfire around the model boat. Later we took the cremains to be placed at a riverside park near my parents' home. Sure, we had a few laughs about it being eccentric, but it was truly peaceful to let go with the boat bonfire.
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
You’re welcome, Kenneth. We’re very sorry for your family’s loss.
@karlaconnwelch
@karlaconnwelch 2 жыл бұрын
Sorry about your loss, Kenneth. I was listening to Caitlin Doughty's audiobook just today in which she explains the misnomer of the Viking funeral. Kenneth's description of ashes and a small boat is possible, but not a full body being sent out to sea. If you want a crossover, her KZbin channel is Ask a Mortician. She would be very impressed by all your end of life documents. Good motivation to get your wishes in order. Thanks for the content!
@ryandamask1726
@ryandamask1726 2 жыл бұрын
After being 8 months deep in probate. I appreciate you giving people this information. Bank accounts are another thing to put a beneficiary on to possibly avoid probate.
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
Great guidance, Ryan. Thanks for sharing. We didn’t mention that but you’re absolutely right. Joint accounts are also often held in a trust if one exists. Sorry to learn you’ve had to deal with a long probate process. Best wishes to you.
@JohnWisconsin
@JohnWisconsin 2 жыл бұрын
A neighbor told me how he gave is adult son a car, later after a wreck, he realized it was never retitled. Guess who had the deeper pockets and got sued? With a soon to be driver, I'm thinking of asking if he'd be OK not driving until he's 18 (senior year) if we agreed to buy him a beater that would be titled and insured by him, alone, in order to keep the risk away from us.
@stevenl5922
@stevenl5922 2 жыл бұрын
One of the issues we ran into executing a trust was that the trustee didn't feel it necessary to keep the beneficiaries updated on what the trustee was doing. My lawyer called this a morality issue based on how the trust was set up and we couldn't do anything to get the trustee to be transparent. I would strongly encourage setting up a process of how the trustee performs their duties (reporting assets and expenditures, inventory, mementos from the deceased) to avoid any issues, especially when it is just family involved.
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
Great tip, Steven. Thanks so much for sharing this.
@michaelmartz9270
@michaelmartz9270 2 жыл бұрын
Thanks for the story about Stinky. That was hysterical!
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
So glad you liked it!
@philiprussell5341
@philiprussell5341 2 жыл бұрын
Thanks for the refreshing honesty on your episodes! 5 Stars!
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
Thanks, Philip! We definitely don't know everything (quite far from it) but are being as honest as we know how on the show. Thanks so much for your support.
@amandascharf3870
@amandascharf3870 2 жыл бұрын
Please file your healthcare directives with your primary care provider and also with your favorite medical system/hospital. Too often everything is in a holding pattern if you are suddenly hospitalized.
@amandascharf3870
@amandascharf3870 2 жыл бұрын
Also, durable means that it is still valid if you are incapacitated.
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
Great advice, Amanda. And thank you for the clarification!
@SimonEllwood
@SimonEllwood 2 жыл бұрын
Car insurance is very different in the US compared to the UK. Covering third parties is a legal requirement in the UK. It also seems to be much more expensive in the US than the UK.
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
It is very different and expensive. That said, third party coverage is legally required in nearly all US states as well.
@ThomasNgo
@ThomasNgo 2 жыл бұрын
Eric, you don't use a password manager?! 😂
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
He does now!
@shea2415
@shea2415 2 жыл бұрын
HMD to Laura and Lori! (sp?) Can’t wait to watch this later. Cheers 🍻
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
Thanks! We'll definitely pass it on. Thanks for watching
@shea2415
@shea2415 2 жыл бұрын
@@TwoSidesOfFI Haha, I'm with Eric, man. My to-do list got a whole lot longer 😂 I'm SINK, but still important to do. The outtake at the top was great
@TwoSidesOfFI
@TwoSidesOfFI 2 жыл бұрын
@@shea2415 Jason here - don't worry, my to do list never ends, despite Eric making it sound like I have everything worked out. I definitely do not! And thanks! So glad you liked it. It cracked us up bigtime.
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