- Insurance: the very idea of insurance is to protect against the unknown. In the case of an untimely death of a loved one, a basic life insurance policy could mean the difference in financial solvency for the surviving family
- Powers of Attorney, Wills, and Living Wills: these legal documents could be crucial both for understanding a person's intentions and being able to manage many of the practical challenges that arise in the event of a serious accident or death
- Access to account information and important records: while one member of the family may be in charge of managing credit cards and bank accounts, paying bills and tracking budgets, it makes a lot of sense to ensure the rest of the family has a basic idea of the what, where, and how. Consider creating an overview and archive of important accounts and passwords in case something happens to the person who normally manages the family finances
- Comprehensive financial plan and estate plan: working with a fiduciary financial adviser on a holistic financial plan may be valuable in providing a detailed understanding of both the current financial situation for a family, as well as a "road map" for negotiating the twisting, turning road from the present to the future goals
- A trusted adviser: consider forming a relationship with a competent and trustworthy professional, someone like an accountant, attorney, or fiduciary financial adviser. These people can be a valuable source of advice, and could serve as an important resource in the event of one of those unexpected financial events
DRW Financial offers fee-only financial advice and asset management. We act in a fiduciary capacity, and aim to guide clients in the process of creating a comprehensive financial plan that addresses potential areas of financial need. A financial plan may include advice on insurance, investment management, estate planning, retirement income, and charitable giving, among other issues. Please consult an attorney before taking action on legal matters such as wills; consult an accountant on matters of taxes; consult an insurance professional on concerns around insurance policies.