![When life doesn't go to plan When life doesn't go to plan](/images/transform/v1/crop/frm/Fjc97JFBmLYW9DSUSgjdD/7a385c81-e227-439a-94e1-1e48cc252753.jpg/r0_65_1530_1085_w1200_h678_fmax.jpg)
"Only put off until tomorrow what you are willing to die having left undone." Pablo Picasso
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Finances are often deeply personal affairs, and as an adviser, a large part of my job is building meaningful relationships and trust with clients so we can look to the financial future together, with confidence.
Yet sometimes these futures sadly don't go the way we plan.
A number of years ago I received a phone call from long-term clients, John and Mary*, advising that John had an aggressive brain tumour. He tragically passed away three weeks later.
This was tough. As their trusted adviser, I had known their family closely for many years. John and I had to have the difficult discussion that no one wants to have - what happens financially once John passes away? Was everything in order? Were Mary and the children going to be financially OK, or have a mess to deal with?
Thanks to well-structured planning and much persuasion we had kept the couple's estate plan up to date, and thankfully John was able to spend the few weeks he had left after his diagnosis with the peace of mind knowing his family was well protected and provided for.
If there is a lesson to be learnt from this, it's that we can't always stop the worst from happening in life, but we can plan to protect ourselves and our families.
Having the right level of personal insurance such as life, total and permanent disability and trauma insurance, plus income protection in place, is the greatest assurance against the unexpected and should be part of every efficient financial plan.
Regularly reviewing estate plans such as wills, enduring Powers of Attorney and advanced health directives ensures everything is up to date in the case of a tragedy.
Ensuring you have current binding nominations on your superannuation is also a must.
During my last conversations with John, what struck me most was that while he had very few regrets in life, he admitted those he had were almost all things he had put off doing until later - like spending time with family, travel and doing things that made him smile.
It's a reminder we all need from time to time: Don't put the important things off, life can be too short.
*Names have been changed for privacy reasons.
- Ben is an authorised representative of Charter Financial Planning. This article offers general advice only. Seek advice tailored to your circumstances before taking action.