- Many couples take that vow on their wedding day. “Till death do us part.”
- However, what happens to your finances when that day comes?
- Accountant Ed Garner talks about the importance of planning.
When a couple gets married, they recite wedding vows in which they promise to love each other until death. Although this phrase has been said so often, couples rarely stop and think about what it really means. A couple spends a lot of time planning their finances, but never prepares financially for the day when they may become a widow or widower, because death is not planned. Fox 26’s Isiah Carey dives deeper into this conversation.
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Former supermodel Paula says that women should be ready for that day. this happens after she is dispossessed of her late husband’s will, which leaves her broke and devastated. To help Isiah get answers to his questions, accountant Ed Garner dives into the couple protecting their finances. “The problem is miscommunication. if you really love your partner, you need to communicate and educate them because let’s face it, different spouses have different problems. A woman can take care of the house and children, and the husband says: “Don’t worry, I will take care of the finances.”
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Ed adds that despite her husband’s best intentions, what happens if he has a stroke or dies? The woman will remain unconscious and in shock. “Suddenly they have to worry about paying the bills. So what they need to do is be proactive and communicate about it ahead of time.” Ed goes on to say that a couple’s conversation about where all their possessions are is extremely important. “They need to sit down and go where they have their money, talk about their expenses and not only that, but talk about what you’re going to do when the other partner dies, where you’re going to live and what the expenses are. you have.”
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If you’re the breadwinner in the family, Ed says it’s important to have a will or list of where everything is. “Like me personally, my wife knows where we have everything. From old passwords to updated passwords, because that’s another thing that people tend to forget to provide their colleagues with a list of updated passwords for logging into different accounts.”
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