“By failing to prepare, you are preparing to fail.”
Perhaps it’s because my mortality hit me square in the face not too long ago, or the fact that I see so many bad or complex estate situations now that I deal with them full-time, but seeing what lack of estate planning causes is far crueler than even stupid investment schemes one tried and the consequences that follows (Boy do I know that now!).
Last night, I spoke to a wife and children whose husband/father passed away last week. The family had no life insurance, no plan or details on its finances, and always among the saddest parts in these type of situations – the surviving spouse knew little or nothing about the finances. What made this situation even worse, the husband spent his adult life as a financial advisor (which makes no life insurance or estate planning even more bizarre). I’m told whenever the subject of life insurance came up, he would tell them he was better off investing the monies and building their worth to much more than any life policy payoff. Sadly, he fell way short.
Everyone reading this (yes- YOU!) needs to either be responsible for planning the inevitable departure of themselves or love ones, or make sure those in charge have informed them all what is needed to know if they’re no longer able to do it themselves.
IT’S NEVER TOO EARLY AND A DISASTER WHEN IT’S TOO LATE!