Financial planners and the news always tell us to prepare for the worst! You need your wills in place, etc. in case tragedy strikes. This week I heard of a news story that put a new twist on why to prepare not for the doom and gloom but for the BEST. This woman in Idaho won $190 million lottery but she had disappeared into isolation. You may wonder why?
She was not legally separated or divorced from her estranged husband who had physically abused her. Her estranged husband who she had not lived with for years is probably going to receive half of her winnings because of community property laws in Idaho. This case may seem unrelatable to you if you have not won the lottery but I similarly have had friends in the midst of a divorce where one spouse passes on. The remaining estate now goes half to the soon to be late husband and half to the children. This can be heartbreaking because it is clear as soon as the divorce was final, the wills would have changed and the spouse would have left the estate to his or her family and kids. My friend’s family tried to take it to court but did not win.
Even in the stickiest situations or when you feel at your wits end, it is still important to make sure you have your finances and legal desires in order. Please remember 65% of Americans do not have a will says Financial Planner magazine. You may not have completed your will yet or irrevocable health care but NOW is the time to prepare for the best. Don’t share your riches with a creep!
When you go on a blind date, you have a choice about how to approach it. Are you going in dreading the new experience or preparing for the best? Your attitiude determines your experience. That is the same with financial planing. The time and energy you put in may determine how profitable you are! Take the time to prepare for the best!