Advisory Expertise: Handling Sudden Death Without a Plan 

Advisory Expertise: Handling Sudden Death Without a Plan 

It happens all the time: a family’s breadwinner dies suddenly without an estate plan.

Suffering the pain of loss, the survivors are suddenly confronted with unpayable bills and opaque assets. Where are the accounts? Do we have the passwords and pins? Can we quickly lay hands on some cash? Not every family is prepared, so financial professionals must always be ready to help.

Our linked article tells the story of a man, a high-level professional, who’d built a prosperous life for his wife and four children. Perhaps unwisely, he’d always managed their financial affairs by himself – his spouse and kids were in the dark. At the still-young age of 54, he was stricken and quickly passed away. His twin sons stepped up to sort out the family’s affairs, but they were only 22, college students, and they needed professional guidance.

Fortunately, two trusted financial advisors were on point. They’d been working with the family for 20 years, knew everyone personally and had built a successful, trusting relationship – despite the father playing his cards too close to the vest. 

With their mother’s blessing the sons went to work in tandem with the family’s advisors. The heirs were carefully instructed in the lingo of the business, so they’d be able to understand and make wise decisions. Neither son was particularly interested in finance, they claimed, but their advisors were patient in explain the details of their father’s complex estate.

The sons say they learned the importance of financial planning in life, something that had escaped them before their father’s passing. So here is our lesson: while mom or dad may take the lead in managing the family’s finances, keeping the others – spouse and children, the nearest and dearest – firmly in the loop is vital – indeed, it’s the heart of sound family planning.

For more information, please read:
Sorting Out Financial Wreckage When A Breadwinner Suddenly Dies | Financial Advisor Magazine

Have You Been to Our Free Education Center?

Smackdown: 529 vs Retirement Account They Ain’t Green But They’re Gold: Managing Digital Assets