Hello! Today, I'm going to discuss a happy topic: your death!
No matter who you are, it's going to happen someday. I learned recently that that day isn't always easy to predict and by the time it comes, it's too late to do anything about it.
But, none of that will matter to you... You'll be gone! But it will matter to those still here. You want to make sure that those you leave behind, spouse, kids, can benefit from your gains in the crypto market and beyond. Even if you're a youngster, think about how hard it will be for your parents to access your crypto, stocks, precious metals, classic Playboy magazines, and whatever else you were holding waiting to go to the moon! (Not Financial Advice, just what I'm doing.)
Make a Folder
Go old school. A paper folder filled with instructions on how to access everything. TELL SOMEONE WHERE IT IS! Remember, this isn't for you. Someone needs to know how to find this. You don't even need to say what it is. "If anything ever happens to me, be sure to check in the bottom drawer of my nightstand," will do. If you're super paranoid, Make it like a treasure map. Place the info in a safe. Tell one person where the safe is, but tell someone else the combination! Inside the folder put:
Life Insurance
Seriously, what could be more boring or seem like a wasted expense? I can tell you that everyone needs life insurance. My father passed away unexpectedly a few months ago. He died without life insurance. His funeral alone cost $12,000 and my mom lost his monthly income. She's contemplating bankruptcy now because her bills total more than her monthly income. I'm in my late 40s. I bought a $100,000 policy from Ethos Life for $39.99/month. That rate won't go up for 30 years. For now, I have another policy from my employer, but I know that for the next 30 years, I won't be sticking anyone with a bill should anything unfortunate happen to me. If you're young, you can get a short-term policy (10 years or so) for less than $20/month in most cases.
Crypto/Stocks
In my folder, I have instructions on how to access my crypto and stock accounts. Website addresses, Usernames and Passwords, Seed Phrases, whatever a person would need to access my accounts. It may even be helpful to write out instructions on how to withdraw funds. Don't assume your next-of-kin will want to HODL. Tell them how to cash out. If you have a hardware wallet, it is especially important that someone knows how to work it!
Bank Accounts/Safety Deposit Boxes
Make sure to list all your accounts. You may have Certificates of Deposit as well. Others probably won't know about everything and things often get overlooked.
401k
Leave directions on how to access any retirement plans you may have. Your beneficiary will have to contact the management company and show proof of death. That person can then decide whether to take funds as a lump sum or defer them.
Savings Bonds/Precious Metals
Leave a treasure map to where you've buried your pirate treasure chest. This will give your loved ones a chance to come together as a team as they dig up your backyard. The folder makes a nice place to leave savings bonds as well.
Other collectibles/Valuables
Your kids may not know how valuable that rookie card or old comic book is. Leave a detailed list of items you don't want your beneficiaries to accidentally throw out. Believe me, when someone dies, a lot of stuff gets thrown out quickly! People will be looking for sentimental items and mementos. Collectibles are easily overlooked.
Will
The last, and most important document is a copy of your will. This details who should get what from your estate. Be sure to list your crypto! There are sites that offer free, printable wills. Do it!
As you can see, there are many things to think about before you die. Taking some simple steps can help those you leave behind benefit from your successes as they remember your time together. As for those Playboys? I saw a movie that described a "shovel buddy." This is someone you trust to whom you give specific instructions to be carried out if you die or become incapacitated. Tell them what to get rid of and where to find it!
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Create a will for free: https://www.freewill.com/americanredcross?gclsrc=3p.ds
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