It may seem like an easy question with an easy answer – your spouse, your children. However, what if you and your spouse have been married before and each of you have children from previous marriages. What if you die and your spouse remarries? Who will get your money when your spouse dies? This is a very important question that needs to be very thoroughly considered and continuously updated. Your life changes and, as times change, your beneficiary needs may change also.
Another thing to remember is that even though all your children are brought up under the same roof, each of their spending habits could be different. Are you going to leave the same amount of money to each child and in the same manner? That’s something else to consider.
And that’s my Money Minute.
The interpretations and organization of these ideas do not represent the opinions of Berthel Fisher and Company Financial Services, Inc.