Planning For Unplanned Loss

The sudden and unexpected loss of someone you love can be a crushing and often unbearable experience. While the mental and emotional pain of such a loss can be overwhelming, the financial toll resulting from an incomplete or non-existent estate plan can only serve to compound the issue for those left behind.

Although many are hesitant to establish an estate plan for fear of burdening their loved ones, a lack of planning can actually be more burdensome to those left to jump through financial and legal hoops in an attempt clean up the deceased’s disorganized estate.

If your loved one passed away unexpectedly without an estate plan, below are a few tips provided by CNBC Personal Finance for working through the estate administration process:

  1. Consult with a financial planner and lawyer and organize related documents.

  2. Address both your mental and financial health.

  3. Delay any major decisions for at least a year.

It can be impossible to make sense of devastating life events, but one thing that always makes sense is planning ahead for the sake of your loved ones who will be left to manage your affairs after you pass away whether you have planned or not.