Money Skills 204: Building a Legacy
Welcome Honors Students, to our final Money Skills class (for now!)
Over at Wallet Hacks Jim Wang has identified 70 life skills to help you handle money that you shouldn’t be without.
This is the final course in our 200 level Money Skills Curriculum.
Today, we will be looking into his suggestions for “Legacy skills”; a collection of habits designed to ensure that all of your hard work can easily be protected and passed on to the next generation.
- How life insurance works – There are a lot of terms, like whole, term, universal,… learn about the different life insurance policies and which one is best for you.
- How to prepare your estate – this includes writing your last will & testament, a medical directive, etc.
- How to be an executor of an estate and finalize an estate – You can put this on the list of optional skills to learn after you’ve been named by the maker or nominated by the testator but it’s a challenging task. If you are asked by someone to be an executor, read up and make sure you’re up to it before you say yes.
- Assume power of attorney – This is less stressful than being named or nominated executor but is still a big responsibility – learn what’s involved before agreeing to do it.
Here’s a bonus skill – smile more. It’ll make you feel like a million bucks. Costs nothing. Can’t beat that ROI. Have a great day. 🙂
This is a part of a continuing series of practical financial skills for life. Read the original article here.