Preparing Families for the Future

If you’re like me, you got into financial services because you’re a people person.

You want to help people make the most of their lives and their money.

I want to share a recent scenario that truly drove that home for me.

What Really Happens

It’s all too common for financial details to be shrouded in secrecy. Let’s lift the veil.

I’ve worked with “Molly” for years, and what she just went through with her parents really got me thinking.

Molly’s mom passed away, then, six short weeks later, her dad suffered a major stroke.

Her family was scrambling to figure out how to get him the best care.

It was just the kids trying to sort out everything.

Molly’s dad never talked to any of his kids about money.

In fact, he resisted the conversation with the family multiple times.

The only person Molly’s dad discussed his money with was his financial professional, Brock.

He and Brock had worked together for years to prepare for the “what-ifs” in life.

Unfortunately, when everything happened, Molly’s dad wasn’t able to speak up for himself, and his kids didn’t even know who his financial professional was.

The financial arrangements were all wrapped in secrecy until Molly stumbled upon Brock through a note sent in a card for her mom’s funeral.

Molly quickly reached out to Brock, and he helped the family get out of the financial maze it was entering.

He showed Molly and her siblings where their dad’s accounts were.

He helped them track down their dad’s insurance, so they knew what would and wouldn’t be covered.

He shared contacts, to help them understand what they needed to do to make the most of their dad’s savings in their current situation.

He helped Molly and her siblings locate and understand the various accounts their parents had set up, like pensions, bank accounts and annuities.

Then he connected Molly’s family with experts, including an accountant and an estate attorney who could give them answers to help them sort out their next steps.

In short, Brock went above and beyond his “duties” as a financial professional.

He didn’t need to do all this, but he did so because it was the right thing to do.

And Molly hasn’t stopped raving about how amazing Brock was when her family needed him.

Be Like Brock

Maybe you’ve seen a similar situation play out with your friends or other family members.

Loved ones are left scrambling to track down information on medical conditions, financial accounts, keys to a lockbox, passwords, tax documents, power of attorney documents, wills and much more.

Failure to find important information can soon become a nightmare, especially if you’re unable to tell loved ones where to go for the information they need to help you.

To “be like Brock,” you need to prepare in advance for this type of situation.

You need to be present before you are needed.

After all, organization can help eliminate the inherent stress on the family in tough times.

However, getting organized can feel overwhelming. So where do you begin?