Client Case Study: Wills
While financial coaching can be a great help for those getting out of debt and establishing a small business, those folks who believe they are doing everything right can benefit as well.
My client Tom was confident he was doing everything correctly. He's a 401(k) millionaire who maxes out his retirement account, and he doesn’t believe in consumer debt. He only agreed to give financial coaching a try to see if there were any blind spots in his approach.
During his session he realized he still had not taken care of his will, which is important since he has two small kids. Having a will will allow him and his wife to select who will raise their children should anything happen to them rather than leaving this decision to the state. Tom knows that no one knows his family as well as he does, and he and his wife definitely wanted to make this decision themselves.
I recommended he speak to some friends he has who are lawyers in his local area for recommendations to an estate attorney who could help him get all of his documents in place, such as a will, a trust, power of attorney, and health care documents. While no one really wants to think about the possibility of an untimely death, Tom agreed if he really wanted to think of himself as the guy who has it all under control he needed to step up and take care of this area as well.
A good referral for me is your coworker, who may think he’s got it all under control. He wants to talk to me to get a checkup and make sure that’s correct. Connect us so we can schedule a free twenty minute call.
*Client name and some details have been changed to protect privacy.
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