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A pound of prevention is critical in estate planning

For most, the thought of making financial plans for the future is a terrifying one. For others, estate planning consists of buying life insurance, and hoping it is enough to get their loved ones through the financial difficulties could come when they are deceased. The truth is, neither of these is true. For those in Florida who are facing the daunting task of planning their financial futures, the most overlooked step is anticipating risks and working to prevent them.

Most people work toward their plans based on what they believe will happen. All too often, they ignore the factor of randomness. Totally unexpected and random events happen all of the time to people who are not expecting them. And just one random event could leave a person with funeral costs, court costs from a lawsuit, medical bills and other unexpected losses. A family could lose their home, vehicles and all of their possessions within minutes during a natural disaster; and some of those are not even covered by a person's insurance.

Focusing solely on the bad that could happen in life will cause a person to have extreme anxiety. It is important, however, to be aware that these things could happen and to be prepared for them just in case they do. There is much more to it than just making sure a person's assets are covered by relevant insurance; one should also have cash put back in case these things do come to pass. Even for those who go to great lengths to avoid risks, it is vital to be prepared for them anyway.

For those who are in Florida and are looking into their future financial plans, simply purchasing an insurance policy won't account for randomness. By speaking with an estate planning attorney, one can learn what the risks are in his or her future, and how to plan ahead in case they come to pass. Estate planning is not just about deciding what a person will leave to his or her loved ones; it is also about making sure that there is something to leave them.

Source: newsmax.com, "Risk Management Critical for Successful Estate Planning", Denis Kleinfeld, Aug. 13, 2017

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