Money Matters - When the Unthinkable Happens: Preparing for Family Financial Security

Guest post by Will Worsham, author of Will’s Trusty Guide to Wills & Trusts

 Many women dread the day the unthinkable happens to their husbands. The fear isn’t just about loss—it’s about stepping into a role they may not feel prepared for. All too often, women don’t have the information they need to take over the family finances. Suddenly, they’re faced with figuring out the mortgage, insurance, investments, or even just which bank accounts exist.

The truth is, no one likes to think about death or incapacity. But just like we keep a fire extinguisher in the kitchen “just in case,” having a plan for family finances is an act of love and protection. It gives peace of mind to both spouses and ensures the family can carry on without confusion or unnecessary hardship.

Why Families Struggle Without Preparation

When financial planning falls on only one spouse, the other may be left in the dark. This creates major risks:

• Lost Accounts & Assets – Families often don’t even know about certain accounts, retirement funds, or insurance policies.
• Missed Payments – Without access to logins or bills, things slip through the cracks.
• Stress & Conflict – Financial uncertainty piles grief on top of grief.
• Costly Mistakes – Rushed decisions without guidance can lead to unnecessary taxes, penalties, or even scams.

None of this is inevitable. Families can prevent chaos with a few thoughtful steps today.

Step One: Create an “Essential Life Organizer”

Think of this as your family’s financial fire extinguisher. It’s a simple binder or digital file containing everything your loved ones would need if something happened. Include:

• A list of bank accounts, credit cards, and loans (with institutions and contact info).
• Insurance policies (life, health, auto, home).
• Investment and retirement accounts (with beneficiaries listed).
• Monthly bills (utilities, mortgage, subscriptions).
• Important contacts (attorney, financial advisor, insurance agent).
• Copies of estate planning documents (will, trust, powers of attorney).
• Login information (use a password manager or written list stored securely).

The key is not just to make this once, but to keep it updated. Review it every six months or after any major life change.

Step Two: Involve Both Spouses

Even if one spouse is the “numbers person,” both should have at least a working knowledge of the household finances. That means sitting down together once or twice a year to walk through:

• Where the accounts are held.
• How bills are paid.
• What insurance exists and what it covers.
• What the family’s short- and long-term goals are.

These conversations don’t need to be complicated or stressful—they can even be done over coffee on a Saturday morning. The point is to ensure that no one is left in the dark.

Step Three: Use Estate Planning Tools

The most common misconception families have is that a simple will is enough. In reality, a comprehensive estate plan can protect against much bigger problems. For example:

• Trusts can avoid probate court, keep assets private, and protect children’s inheritances.
• Powers of Attorney ensure someone you trust can make financial or medical decisions if you’re incapacitated.
• Beneficiary designations should be checked regularly, since they override what’s written in a will.

Families who don’t take these steps often find themselves tangled in red tape or losing assets to taxes and creditors. By contrast, families who plan properly save money, time, and heartache.

Step Four: Teach Your Kids Early

One of the greatest gifts parents can give their children is financial literacy. Talk about saving, budgeting, and the importance of planning for the unexpected. Let them see you reviewing your Essential Life Organizer, and encourage them to start one for themselves once they’re independent. This way, good habits pass down and compound across generations.

Step Five: Seek Professional Guidance

You don’t have to navigate this alone. Just as you’d see a doctor for your health, working with an estate planning attorney or financial advisor helps protect your family’s financial health. Professionals can:

• Spot gaps in your plan you may not see.
• Provide strategies for taxes, debt, and asset protection.
• Give your family confidence that things are handled correctly.

The cost of doing nothing is often far greater than the investment in planning ahead.

A Final Word of Encouragement

Yes, these conversations can feel uncomfortable. Yes, it may take some work to pull documents together or schedule time to talk. But the peace of mind you gain is worth it. Planning doesn’t just protect finances—it protects relationships, reduces stress, and ensures your family can focus on healing, not paperwork, when tragedy strikes.

So take a step this week. Start the Essential Life Organizer. Schedule that conversation. Call the advisor. Whatever it is, move one step closer to being prepared. Your family deserves the gift of clarity and security—no matter what the future brings.