Cheryl Winokur Munk
speaker
643 appearances
14 recordings
1 series
first heard Mar 2018
last heard Nov 2024
Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's just, it's such a shame when families are divided over stuff.
And it just, it doesn't have to happen that way.
A little planning can really go a long way in making sure that your heirs are provided for and that there's no family acrimony.
You work hard to earn money and you gather possessions over your lifetime and you really want your money and your possessions to go to people that you want them to go to.
You don't want, for example, your ex-boyfriend or your ex-girlfriend to be the beneficiary of your life insurance because you forgot to change something when you broke up.
The whole idea of planning is exactly that, planning, so that you get to be in control to the extent possible.
It happens all the time because you just really forget about it.
A life insurance policy, for example, is really a kind of a set it and forget it because unless you die, you're not using that life insurance policy.
So even though you may be paying the premiums, many times you just forget who you actually named as beneficiary 10, 15 years before.
You really have to make sure as life events change that you're keeping on top of the things that you have named beneficiaries for.
So there's no hard and fast rule, but for sure as life events change, a good rule of thumb is to at least consider what your will looks like every five to 10 years or more frequently as life events change.
So for example, you could have done a will and within a couple years,
One of your trustees passed away or you fell out of touch with that person or something, some other thing changed.
A child hit the age of majority or for some reason you wanted to change some of the aspects within that.
Well, you came into a lot of money.
Five to 10 years is a good rule of thumb, but it's not hard and fast.
One of the things that today is really popular to overlook is digital assets because people don't think of your email account or online photos or your social media accounts as an asset.
But in some cases, it really can be.
If you're a writer, for example, and you keep your notebooks, so to speak, on your computer and then you pass away, if you haven't accounted for that, you could find that those assets get lost or they end up in hands that you're not happy with.
People should account for digital assets in their will or living trust.
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