Preparing For The Unexpected
Featured Article from the 2022 Edition of the BOOM Magazine.
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After the uncertainty of the past two years, now is the time to look ahead and make sure you are prepared for the future. While not all events can be anticipated, being prepared for life’s surprises can bring peace of mind. Everyone should consider a few preparations so that you and your family are ready should anything go awry in life.
One of the most important preparations you can make for the unexpected is having adequate life insurance. This coverage will ensure that your family will be provided for in the event of an untimely event. While this is certainly a worst-case scenario, purchasing life insurance safeguards your family’s future. Make an appointment with a professional to discuss your options and what level of coverage best suits your family’s needs and situation.
Many of life’s unexpected events are expensive. Not only should you have an emergency fund set aside that can cover several months’ worth of expenses, but it is also good practice to talk to a financial advisor about your money decisions for the future. Like life insurance, smart investing and financial planning can help ease the burden in most unexpected events.
Sometimes the unexpected comes in the form of flooding, tornadoes, wildfires, and other natural disasters. Having the appropriate level of coverage for your home and belongings is a crucial preparation should anything happen to your home. Speak with professionals about what types of coverage are typical for your area. Consider having your personal property professionally appraised to ensure you are appropriately compensated in the event of a disaster.
Will & Testament, Living Will & Power of Attorney
There are a handful of legal documents every adult should have executed in preparation for the unexpected. A will and testament is intended to document how your property and affairs should be handled upon your death, while a living will and power of attorney are documents that can assist loved ones in making decisions on your behalf in the event of your incapacitation. Every adult, especially those with children, should consult with legal professionals to have these documents drawn up. If you already have these documents, make sure that you update them periodically to reflect any changes in your wishes or circumstances.
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