For many people, the thought of planning for their financial future seems large and scary. Others think that estate planning simply means making sure that they have life insurance to pass on to their loved ones, but neither of these is the case. While planning for the future does not have to be a frightening experience, it is important that a person anticipates risks and prepares for them. Those in Washington and other states who are looking into estate planning might want to make sure to plan for those unexpected risks.
While people tend to make their plans for a financial future based on what they believe will happen, they often ignore the factor of randomness. Random, unexpected things can happen to anyone, anywhere, at any time. One single event could leave a person facing a lawsuit, planning a funeral, or paying for unexpected and costly medical care. Natural disasters could take away a family’s home, cars and everything they own in the blink of an eye, and some of these may not even be covered by insurance.
While no one wants to dwell on the fact that these things can happen, it is still important to plan for them just in case they do. Aside from making sure that a person’s assets are fully covered by his or her insurance policies, it is important to save enough money to get by if such an incident should occur. There are steps that a person can take to avoid the risks, but a backup plan is also needed in case those risks are unavoidable.
For those in Washington who are making plans for the future, it is best to understand that it is about much more than purchasing insurance and hoping for the best. An estate planning attorney can help a person to understand what the risks are in his or her own life and how to plan for them in case they cannot be avoided. While most people consider estate planning to be about what they will leave to others, it is also important that they are able to hold on to their assets while they are still alive.
Source: newsmax.com, “Risk Management Critical for Successful Estate Planning“, Denis Kleinfeld, Aug. 13, 2017