By Warren M. Bergstein, CPA, AEP
Most of us know we should have our financial and personal affairs in order. We have wills, insurance policies, retirement accounts, and perhaps a folder containing important documents. So, we’re prepared. Right? Not necessarily.
Having the right documents is only part of being prepared. Making sure everything is current, coordinated, and accessible to the people who may someday need to step in is another matter entirely.
And that’s often where things become more complicated than expected.
Life Changes. Do Your Plans Keep Up?
We get married, divorced, change jobs, retire, buy and sell property, and experience changes in our health and family circumstances. But our financial and estate arrangements don’t always keep pace.
Consider a few common situations:
- Your will was prepared years ago. Have you reviewed it since your family or financial circumstances changed?
- You have multiple financial accounts. Does someone you trust know where they are and whom to contact?
- You’ve named beneficiaries. Are those designations still consistent with your wishes?
- You’ve designated someone to act on your behalf. Do they understand their responsibilities and know where to find essential information?
- You work with several trusted professionals. Are your attorney, accountant, financial advisor, and insurance professional working from a coordinated plan?
Individually, these may seem like simple questions. Together, they can reveal gaps that are easy to overlook.
Knowing Where to Begin
Sometimes the biggest obstacle is simply knowing where to start.
Important information may be scattered across paper files, online accounts, and different advisors. And thinking about illness, incapacity, or death isn’t something most people enjoy.
But putting off these decisions can leave loved ones facing unnecessary confusion and stress when they most need clarity.
The good news? You don’t have to tackle everything at once.
Start by taking inventory of your important documents and accounts, reviewing what’s changed, identifying missing information, and making sure trusted family members know where to find what they need.
How Planning for the Unexpected Can Help
That’s why I developed Planning for the Unexpected.
My approach begins with a review of your existing legal, financial, tax, insurance, and personal arrangements to identify potential gaps and areas that may need attention.
From there, we create a practical roadmap for moving forward, working alongside your existing professional advisors when appropriate.
The goal isn’t to make planning more complicated. It’s to make your affairs easier to understand, manage, and navigate when it matters most.
A Little Planning Now Can Make a Big Difference Later
Getting your affairs in order may sound straightforward, but it often involves more moving parts than people realize.
Taking steps now can help spare your loved ones unnecessary uncertainty and give everyone greater peace of mind.
If you’ve been meaning to get organized but aren’t sure where to start, let’s have a conversation. Together, we can explore what you have in place, what may be missing, and how to move forward with confidence.
Warren M. Bergstein, CPA, AEP, is the founder of Warren M. Bergstein, CPA, PC and Planning For the Unexpected.