Draft an “I Love You” Letter Today
In the last two weeks, I met with two potential clients with remarkably similar situations. Both clients had spouses who died unexpectedly at fairly young ages. Both clients’ spouses did not have wills. Both clients were not involved at all in the day to day financial operations of the household. Both clients were not named on all of the spouse’s real estate, bank accounts, or other assets. Both clients now have potential messes on their hands.
I can’t emphasize highly enough how easy these situations would have been to avoid. While it is very typical in relationships for one spouse to take charge of finances and household bills, at a minimum the other spouse needs to have information about bank accounts, life insurance, names of financial advisors, real estate, etc. in case something happens. That’s why I recommend clients write an “I Love You” letter. This letter spells out all the necessary information in case someone needs to come in and take over your affairs. I call it an “I Love You” letter, because what better way to show someone you care than to make a potentially very difficult situation a little easier?