Getting Scared into Action-media-1

”Sometimes a good scare is worth more to a person than good advice.”
– E.W. Howe

It sometimes takes misfortune to get people to focus on what’s really important to them – especially when it comes to estate planning. You may have excellent health and a great job and find financial planning unnecessary. But what if the unexpected happens? What happens when families don’t communicate and discuss a plan for their finances in case of an accident?

We found the New York Times article titled “Money Admonitions from 9/11” to be a perfect example of how this works in real life. Ken Feinberg, the famed “compensation czar” for such tragedies as 9/11, the BP oil spill, and the Boston Marathon bombings, recently discussed how dealing with the surviving families of these terrible events changed his perspective on the importance of getting his own ducks in a row. Sadly, he found that more than 50% of the 9/11 victims did not have a will or life insurance. An overwhelming number of victims’ families didn’t want financial planning help either; only 78 of the 3,000 families accepted free financial planning assistance.

This video from Fox Business features Ken discussing why he updated his will and life insurance policy after September 11th.
This video from Fox Business features Ken discussing why he updated his will and life insurance policy after September 11th.

There’s never a better time to prepare for the unexpected than now. No one is immune from life’s misfortunes. When it comes to investments, long-term safety and gradual growth are more important than short-term profits and quick gains. Be assured the bulk of your wealth is available for your spouse, children, and other family members. It might not be a terrorist attack or the acts of a gunman, but at undecided moments in our lives, there is uncertainty and risk. All the more reason to pause today, take control of your assets, and make sure your estate plans are up to date — preparing you for whatever tomorrow brings.