"Only put off until tomorrow what you are willing to die having left undone." ― Pablo Picasso

This month I thought I would share a difficult story with you. In May I received a phone call from long term clients, let's call them John and Mary for privacy purposes, to say that John had an aggressive brain tumor. He subsequently passed away 3 weeks later.

This was tough as being their financial planner, I had known them and their family closely for many years. John and I decided we had to address the elephant in the room and have the discussion that no one wanted to have. What was going to happen after John passed away? Was everything in order and were Mary and the kids going to be financially ok or have a mess to deal with?

With good planning we had ensured they kept their Estate Plan up to date and thankfully John was able to spend the few weeks he had with the peace of mind knowing the family was well protected and provided for. If there is lesson to be learned from this, it's that we can't always stop the worst from happening in life but we can plan to protect ourselves and our families by:

  • Having the right level of Life, Total and Permanent Disability & Trauma Insurance as well as Income Protection in place
  • Regularly reviewing our Estate Plans – e.g. Wills, Enduring Powers of Attorney & Advanced Health Directives
  • Ensuring we have current binding nominations on our superannuation
  • Having Funeral Plans in place

As I sign off for the month, I'd like to add that what struck me most deeply was that John told me he had very few regrets in his life, but those he had were almost all things he had put off doing until later.

Have a great month and remember, don't put the important things in your life off.