The Challenge

A married couple with young children came to us with growing concerns about how complex their financial situation was becoming, which is how we meet almost all of our clients. However, in the course of talking to them about their various financial-related items, we asked what would happen to their family if something unexpected were to occur to one of them:

Who can make medical decisions on their behalf if they’re incapacitated?
What are their wishes for life sustaining care, or lack thereof, if they’re capacitated?
Who cares for the kids in the event they die?
Who controls the finances for the benefit of the kids in the event they die?

They had diligently built careers and savings but had never documented what they wanted to happen to their children or finances if tragedy struck. Like many people, they assumed that extended family would “just take care of it” — but that assumption left serious gaps.

A stark way to think about their situation was, “You have a plan, it’s just not your plan. Your plan is to ask your loved ones to make impossible decisions about your care before you are gone and allow the state to make life-defining decisions for your survivors when you are gone.” We see this all the time.

The Risks of Doing Nothing

The couple had never executed any estate planning documents because they didn’t perceive themselves as having an “estate” to worry about in the first place. After all, they had no mortgage (they rented), lots of student debt, and modest savings in their 401k’s. They had named beneficiaries when they first started at work (their parents, maybe?) and they knew they had some life insurance through work as well.

Beyond that, they had casually discussed their wishes in a few “what if” conversations but hadn’t realized that:

• Without a legal guardianship designation, the state would determine who cares for their children, potentially leading to family disputes or court intervention.

• Without financial powers of attorney and healthcare directives, decisions about their finances and medical care could be left in limbo if either spouse became incapacitated.

• Their financial and insurance accounts lacked proper/updated titling and beneficiary coordination, which could delay or complicate transfers if one or both of them passed away.

Building the Right Team

We helped the couple understand that estate planning isn’t just for the ultra-wealthy. It’s a form of family risk management. With this framing, they were motivated to take the next step. We helped them:

• Connect with a qualified estate planning attorney licensed in their state

• Gather and organize financial documents needed for the planning process

• Stay informed and supported through every step — from intake to document signing

The attorney drafted a comprehensive estate plan that included:

• Wills for the parents

• Legal guardianship appointments for their minor children

• Financial and healthcare powers of attorney

• Instructions for managing assets in the event of incapacity or death

Outcome: Peace of Mind and Clarity

By proactively putting a plan in place, this couple eliminated one of the largest sources of unaddressed risk in their financial life. More importantly, they relieved their extended family of the burden of trying to make difficult decisions in a moment of crisis — and ensured that their children would be cared for according to their wishes. It is never a pleasant thing to discuss, and the process can bring up real emotions, but the feeling of relief, confidence, and responsibility that comes from getting these things in place is well worth the path to get there.

Get in Touch: Contact@ConcertPlanning.com

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