From our blog:

Are you financially prepared for the unexpected?

No one likes to think about worst case scenarios and planning for the unexpected. It’s a scary place to go. And there is a little bit of fear that if you even think about what might happen, it just might happen.

Unfortunately for some of us the worst case scenario does happen. It even happens to celebrities. Unexpectedly. What I would like is for you to think about the unexpected in a different way. Lets approach it from a risk management perspective.

If, in your life, there was even a small risk of something not so great happening that meant that you couldn’t work anymore, or you left your family without a financial bread winner, wouldn’t you want to put a risk strategy plan in place, to make life easier for everyone?

I am guessing the answer to that question, from you, would be “Of course.” That is what Estate Planning is all about. It’s about putting plans and instructions in place that make life easier for you and your family should anything unexpected happen.

Estate Planning basics

You may have heard the term “estate planning” and even now, you might not really known what it means. In basic terms it means putting instructions in place to help manage your health, assets, and liabilities if you no longer can.

There are different instruments that are created to provide instructions for your loved ones. These instruments can better help you determine:

  • How you want any health related matters handled, such as the care you would have if you could no longer breathe on your own, for example..
  • Who can make those decisions for you, or carry out your wishes if you are unable to.
  • What would happen to your finances such as savings and investments if you could no longer manage them.
  • How your assets would be distributed if you were no longer here.

With these instructions in place, the people around you know not only how to carry out your wishes, but also know that they may be financially taken care of.

Why you aren’t financially prepared

It is scary to think about what might happen. That fear can stop even the bravest of people from planning. But, if you think about what would happen to your family if you didn’t plan and have these instructions in place, doesn’t that feel uncomfortable too?

The other reason you may not have financially prepared for the unexpected is that you haven’t known how to do so. Yes, you may have known that you needed a will, but that isn’t the only piece of estate planning. It is one piece of a total plan that would put both yours and your families mind at ease, should your worst case scenario eventuate.

Think about putting in place a plan for “What If” for you. A CERTIFIED FINANCIAL PLANNER™ such as myself can help with that.

 

Jamie Lima is a CERTIFIED FINANCIAL PLANNER™ based in San Diego, but works with people all over the country. He wants to educate individuals about what sound financial management practices are, to provide for the life you want to live long term.

 

#financialplanning #financialmanagement #estateplanning

Share this:

Recent Posts
Let's Connect
Join Our Insider™ Newsletter