You open the mail and there is the bill for the homeowner’s insurance.
The house is still standing and hasn’t been destroyed by termites,
fire or a hurricane so the bill to pay for “what if” feels
like an expense. However, the moment after the house is damaged by termites,
fire or a hurricane, having paid the bill feels like a wise investment.
The same scenario occurs with the life insurance, long-term care insurance
and disability insurance bills. It is hard to part with the money to insure
against “what if” when things are fine but as soon as “what
if” raises its ugly head, we are thrilled we had the forethought
and discipline to make such a wise investment in our wellbeing and the
wellbeing of our families.
I have seen people have the same debate with themselves when it comes to
putting their estate plans in place. They feel fine and can’t imagine
that death or incapacity is lurking right around the corner so to pay
for advice and guidance in putting together a “what if” legal
plan for death or incapacity seems like an expense. Tomorrow often looks
like a better time to incur that expense; until tomorrow is the day “what
if” occurs and then it is too late to make a wise investment.
The economy has made most of us reevaluate our expenses. Evaluating the
need for an expense can be a responsible and prudent thing to do. However,
be mindful of the penny wise but pound foolish trap. A saved estate or
incapacity planning expense today could cause hardship and loss for you
and your family tomorrow. Don’t gamble on tomorrow as the best day
to plan for you and your family’s wellbeing, invest in it today.