Where Does It Go?

Let's dabble in the theme of death again, shall we? An interesting question was recently brought up in a group conversation. "Where do you want your money to go when you die?"

Everyone around the table quickly and instinctively answered:

• "Evenly between my kids."

• "Split between my kids."

• "To my kids. Evenly, of course."

• "50% to one kid and 50% to the other."

All four people had the exact same answer, without thought or hesitation. "Why?" I asked the group.

• "Isn't that what everyone does?"

• "Because that's what I'm supposed to do, right?"

• "I never thought about that question."

• "Are there other options?"

Nobody had a good reason. By default, we instinctively believe that splitting our assets evenly between our children is the best and correct path for each of us. But why?!?!? Nobody really seems to know.

I have lots of thoughts on this topic.......which I will share in due time. Today, though, I want you to ask yourself the same two questions:

• "Where do I want my money to go when I die?"

• "Why?"

Caveats to this question:

• Unless we're a mixed family, it's almost a given that our first beneficiary is our spouse. My question applies to the next level, after your spouse. Assume you're both gone.

• Assume your children are grown. This isn't an I-die-while-my-kids-are-young type question. Kids are grown and independent adults (i.e., they no longer depend on your financial care).

• You have something to give. Don't assume you'll have nothing. Let's pretend there's something of substance left when you pass.

Please take five minutes to think about this topic today. Really think about it. Throw all preconceived notions out the window and start from scratch. You have a blank canvas and can paint any picture you want. What does it look like? Please feel free to share your answers with me…..or keep it to yourself for now. If you want to share, you can hit “reply” to this e-mail or drop a comment at the bottom of the webpage. Then, tomorrow, I'll send part two your way (including my own perspective).

Have an amazing day, full of meaning and impact! Also, don't die. Not yet. There's still so much good work to be done.

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