Bucket list enthusiasm has been around for years. The idea of growing older and finally getting back to accomplishing those life-long dreams is easy to talk about and creates a sense of euphoria in realizing the achievement of your goals.
But what about a “Kick the Bucket List”? In prioritizing your goals, a kick the bucket list is far more important to achieve and unfortunately, it’s typically something people put off far too long, if they ever get to it at all.
A Kick the Bucket List is a last will that you create to ensure those loved ones are well to do in the case of your early exit from this world. It’s not fun to talk about, or even think about, but it’s one of the most important decisions you can make for your family.
Maybe the problem is that you’re just not sure how complicated the process is? We tend to put off things that look to be a huge pain in the ass. Maybe you’ve let the tags on your car expire in the past? Easy to do. Who has time to take care of that pesky repair, get an inspection, get assessed, pay the taxes and then head down to the license bureau? Ugh.. just thinking about is enough to make a person put it off for a couple more weeks.
Well you just might come up short on the opportunity side of things if you keep putting off the creation of your will. No man knows when his time is up.
If the problem is procrastination, we’ve got the solution. Here’s how very easy it is to create a kick the bucket list and live comfortably in the knowledge that your family will be taken care of long after you’re gone.
3 Important Things
We don’t care about your collection of 45s or who is going to take care of Whiskers if you can’t. People tend to get caught up in the details of wills, but a good financial advisor will emphasize three important things above all others. Take care of these first and update your will later, if you still have details to manage.
1) Have a guardian named for minor children.
Your kids are your greatest asset. There’s simply nothing else in the world that is of more value. Even Mr. Trump would agree and he’s got a lot of cash to spread around.
Talk this decision over with the person you want to take control of your kids lives in a worst case scenario and make sure they are 100% on-board with being named guardian of your children.
2) Name a Trustee for money and property.
You need to name a trustee to be in charge of your money and dispersing your assets. It can be the same person as you choose for guardian, but it can be asking a lot, so have this talk ahead of time as well. Don’t just assume that you’re going to make someone’s day by surprising them with your financial responsibility if you should pass on.
They might be encouraged to know that debt does not pass on, so they’re not going to get your old hospital bills and be responsible for making sure they get paid. This person is simply making sure that your money goes to the place you intended it to go.
3) Name an Executor to Deal with Probate.
You need to ensure that everything goes in accordance of the will. The process of will allocation typically takes 6-12 months. Find an anal retentive person with a great attention to detail. This person is making sure the Trustee is allocating assets correctly, the children end up where you wanted them and Whiskers has a loving, new caretaker.
That’s it! After taking the time to talk to some very important people in your life and making sure they want to be a part of your post-life world, you’re looking at a couple hours of work and it’s work that’s well worth it. Get your kick the bucket list taken care of so you can get back to knocking out your bucket list!