Are you ‘prepared for the unthinkable’?
It’s a morbid topic, one the majority of us deliberately don’t think about, but the Wall Street Journal published an important article on March 5 asking the question: “have you disaster-proofed your affairs in case you die young?”
Chana R. Schoenberger’s piece is a great read, and though the questions she is asking might be upsetting, they need to be addressed to ensure your family is secure if the unthinkable happens. She writes:
By the time you’re in your 40s, you likely know someone, or know of someone, who has died young. That is why it is important for people to draw up plans as soon as possible, including accounting for what will happen should death occur in middle age, with children still at home.
We spoke with estate-planning lawyers to ask what end-of-life documents and estate plans a 30- or 40-something would need to assemble (aside from tax- planning help, for which an accountant or tax lawyer should be enlisted). All recommended getting started right away with this checklist:
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Be sure to read to the whole piece at the Wall Street Journal, and even though you might not want to think about what would happen if a disaster occurred, it’s important you have a plan in place to financially protect your family just in case.
Bryan D Beatty, CFP® AIF®