No one wants to think about preparing for the end, but a few simple steps can make dividing assets and property after death straightforward and peaceful
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lana and Heshy Goldsmith,* a professional couple in their late fifties, were finally enjoying more time together. Their years of juggling family and career, paying yeshivah and camp tuitions, putting children through college, and supporting young couples were mostly behind them, freeing them to travel and to become more active in their suburban New Jersey community.
When Elana died unexpectedly of a heart attack, Heshy was devastated. Shivah ended, the children gradually returned to their homes, and Heshy struggled with grief and loneliness as he learned to do laundry, prepare meals, and make Shabbos arrangements. He thought he was managing until he returned from work one evening and couldn’t get the heat or lights to turn on. The electrician Heshy called quickly discovered the problem — the electricity had been disconnected because the bill hadn’t been paid. Heshy sheepishly looked at the pile of unopened mail that had been accumulating since Elana’s passing and discovered that many of the bills he’d assumed were paid automatically were seriously overdue. Elana had been the family’s “financial secretary” and Heshy now had to untangle a financial mess without knowing Elana’s passwords for bank accounts and credit cards, or where she kept the extra checkbooks.
It’s hard for adults in the prime of their lives to imagine all of the hardships their families would undergo if they unexpectedly died or became disabled. Many of them think they can plan adequately for this eventuality by buying life insurance, building up savings, and having a joint bank account, but don’t realize that their family also needs information that will enable them to access funds, pay bills, and manage the myriad details of maintaining financial equilibrium. This is especially true where, as in many marriages, one partner is primarily responsible for managing the family’s day-to-day finances.
Shortly after Akiva Nussbaum* first learned that he was ill, he began to organize information about the four small companies he ran out of his Chicago office, as well as his life insurance policies, retirement funds, bank accounts, and other investments. He listed where company records were located, contact information for lawyers and accountants, and advice about how to operate his businesses in his absence.
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