How to leave a financial legacy after your passing


Most of us don’t think about the financial gain or loss we leave to our families when we die; since losing a member of the family is an affair that requires financial planning, Ted Bauman agrees that there has to be a plan that can take shape in order for matters regarding the funeral arrangements to be done. Once the funeral is done, there are still obligations that have to be sorted out. Since the death of a loved one is an event that is important, we are going to share a plan on how you can leave a good financial support for your burial and post-burial financial needs. Read more about Ted at affiliatedork.com

Let everyone follow the same script

It is easier to assume that the first step of preparing for a burial before someone passes on is to talk to the couple, but there are concrete reasons as to why it is important to seek the advice of the extended family first.

According to Ted Bauman, one of the chief reasons is that no one likes to be told how to plan for their death. Before someone dies, it is not right for members of a family to approach the couple differently and give them advice that is conflicting. When this happens, it is a recipe for stress. When you agree to speak as one voice as one family, then you are able to get the couple on one lane of thinking.

Secondly, if your family is one that has a complex structure where different children are as a result of different marriages, it is important to get everyone on the same page before the person in question departs. Ted Bauman states that when everyone in the family shares one information and communicates with one voice, then the couple will make well-informed decisions about what is supposed to be done when the time of burial comes.

Collect more information early enough

Before the passing of family members, Ted Bauman indicates that it is important to collect the financial information of the assets the individual has. It is important for the family to have the access details of the individual’s bank accounts, retirement, brokerage and any other form of account.

Account for the financial accounts

Ted Bauman also adds that it is important to take inventory of the accounts and credit cards of a loved one. Once the family itemizes the account details before death, it makes even more sense to freeze the accounts when the family member passes away so that no additional transactions can take place. Visit:https://stocktwits.com/tedbauman