Dear Susie, Here’s what to do with the money if I die first • The Dumb Passive Income Blog – Passive Income Article

The greatest gift I can give to my wife, while we are both still alive and kicking, is peace of mind to know that she will be taken care of financially if I die before she does. The greatest gift that I can leave (if I die first) is a massive pile of money and clear instructions on what to do with it.

The money part is taken care of. We have term life insurance in place that will provide my wife and family with more than enough money if I die before the term is up. If I outlive the term policy… well, by then, we will have plenty more than enough built up in our savings and retirement accounts, whereas we won’t need life insurance anymore.

In either case, this blog post will serve as instructions for what to do with the money if I die first. I’ve always known that I would need to provide passive income for my loved ones in case I die first – and this post will detail exactly how I would suggest for the pile of money to be handled if I do die first.

Everything is in the “I Love You” folder

We have a file cabinet in our office at home. It’s a typical metal 3-drawer cabinet with a bunch of file folders inside that hold papers for most of the important stuff in our life. Each file folder is labeled and was once neatly organized. The entire…