It’s the phone call you never want to receive. Someone in your circle is calling to tell you her spouse just died of a massive heart attack in his early 50s. The financial advisor in me immediately thinks – who plans for that?
Of course, the reality is that we’re all woefully unprepared emotionally or logistically for such a turn of fate. But we should do whatever advance preparation we can.
This individual died without a will. He had just retired and his business life wasn’t neatly resolved. These are big issues to have hanging over you as a far-too-young widow. The emotional side of the equation demands more than your complete attention.
We raise this as a cautionary tale because we know many people who lack a will. And if you haven’t even planned far enough to have a will, it probably indicates some degree of apathy around plotting for your financial future.
Certainly, you can’t plan for extreme eventualities, but you can remove a lot of the heartache of a situation like this if the practicalities are known and properly documented.
Another member of our circle’s father died years ago, and upon his death they discovered his business was owing hundreds of thousands of dollars. Then they discovered almost the same amount in three different, previously unknown life insurance policies.
The stakes are simply too high to leave a grieving spouse with these kinds of uncertainties.
If you need help in planning for different life scenarios, or would like a referral to an excellent estate planning lawyer, please let us know. We’re eager to help you get ahead of these issues.
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