An Avoidable Financial Mishap

I recently met an estate planning attorney who shared an unfortunate experience that one of her clients had. A story that perfectly illustrates how important it is to keep your loved ones in the loop and your documents organized.

Her client's elderly mother had been placed in assisted living - something many families know can quickly become a major financial strain. The family carefully managed her expenses during her time there and, after her passing, began settling her estate. That's when they made a shocking discovery: tucked away among her papers was a long-term-care insurance policy she had never mentioned.

Had the family known about this policy, it would have covered a large amount of her care costs. But by the time they found it, the policy had expired - wasting thousands of dollars that could have eased the family's financial burden.

The lesson: As we age, it's easy to forget what policies or accounts we've set up - especially when illness or dementia sets in. That's why it's so important to keep an organized list of your key documents and to make sure someone you trust knows where to find them. Even the best plans can't help if no one knows they exist. Taking a little time now to review and share that information, can save your loved ones from unnecessary stress and, as this family learned, from costly mistakes.

💡 Takeaway Tip:​
Create a one-page summary of your important financial and insurance information—like policies, accounts, and where to find key documents. Then, share a copy with your executor, trustee, or trusted contact. A simple list can be worth thousands in avoided confusion and missed benefits.

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