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Joyous or tragic, Live Events become less stressful with a little planning.

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Being prepared for a Life Event centers around two main topics – financial documents and conversations with your loved ones.

As important as it is to be prepared, both for yourself and your loved ones, it can sometimes be an overwhelming topic to think about, and one you may want to avoid.

But it doesn’t have to be that way! Having the tools and resources you need to get your paperwork in order and have conversations with your loved ones is key to creating peace of mind.

A Life Event is an occurrence that has a significant emotional and/or financial impact on your life. It can be happy and planned, such as marriage, retirement, a new baby or buying a house, etc. It can also be devastating or unexpected, such as the death or disablement of a partner or family member, divorce, health issues or loss or change of jobs, or relocation.

Can you ever be fully prepared for a devastating or unexpected Life Event?

You can’t. It’s that simple. However, there are things you can do to be better prepared, and that allow you to focus more time and energy on family and solutions.

Having your legal, financial and insurance documents in place, organized and accessible to others is key to handling the after-effects of a Life Event. You also need to ensure that they provide adequate coverage and are up to date. Without this, you or your loved ones may be left to deal with negative consequences such as not enough money to pay bills, or assets not divided as intended.

Having conversations with your loved ones around this topic is critical as well. Making sure everyone is on the same page, and issues are discussed ahead of time can avoid family disputes at a later date, and make some decisions easier, knowing that they were discussed previously.

Basic action steps you can take to get your paperwork together and prepare for a Life Event:

  • Gather your important documents together
  • Review the documents with your significant other or a loved one to become familiar with them and their contents, if you feel comfortable doing so
  • Make an appointment with appropriate professional advisors to review the documents and determine if they are adequate for a Life Event
  • Have regular conversations with your significant other and/or family members about the basics of your financial documents and/or situation

Need a checklist to help organize important Life Event documents?

Download this document assessment and be prepared.