What’s in the article:
In this article, you’ll learn how winter accidents—like crashes on icy roads and slips on snow—highlight an often-ignored truth: life can change without warning. You’ll discover why relying on youth or good health can leave families vulnerable, the hidden costs of being unprepared, why basic life insurance isn’t enough, and what effective planning looks like to protect the people you love.
Every winter, ordinary travel conditions can become dangerous. According to the Federal Highway Administration, approximately 24 % of weather-related vehicle crashes occur on snowy, slushy, or icy pavement, resulting in over 1,300 deaths and more than 116,800 injuries across the United States each year.
These are not always high-risk situations—many occur during routine errands or family trips.
For families in Wisconsin and across the country, winter offers a quiet but important reminder: life is unpredictable, and being unprepared can leave the ones we love facing uncertainty at the worst possible time. That’s why estate planning isn’t about dwelling on death—it’s about helping your family know what to do and where to turn if the unexpected occurs.
The False Security of Youth and Health
When you’re in your thirties, forties, or even fifties, it’s common to think, “I’m too young for this,” or “I’m healthy; there’s plenty of time to plan.” I hear that a lot from clients before we begin working together. It makes sense—when life is full of responsibilities, it’s easy to prioritize today and postpone planning for another day.
But unforeseen events don’t check your age, your health, or how full your calendar is.
Many families I’ve worked with were caught off guard by events they never saw coming—accidents, sudden illness, or incapacitation. These events didn’t distinguish between someone who felt ready and someone who wasn’t. And because planning was put off, their loved ones were left to navigate not only grief but complicated financial and legal issues at the same time.
Here’s a question I often ask:
If something happened to you tomorrow, would your family know where to find your accounts, who has legal authority to act, and how to keep your household running while they grieve?
If the answer isn’t a confident “yes,” that tells you something important: planning now matters.
The Hidden Costs of Unpreparedness
When someone dies or becomes incapacitated without an estate plan, the financial costs extend far beyond funeral expenses. Many people don’t realize how quickly obligations begin to pile up:
- Medical bills
- Funeral and burial costs
- Mortgage and utility payments
- Insurance premiums
- Childcare or eldercare expenses
- Travel costs for family members
These may seem manageable one at a time, but when they all happen at once, they can create serious financial strain.
Without proper planning, loved ones may also face probate, meaning lengthy court processes before assets can be accessed. Probate isn’t just slow—it can be expensive, consuming thousands in legal fees and delaying your family’s ability to pay bills or settle affairs.
Too many families are surprised to learn that assets they assumed would be available immediately are tied up in court, or worse—lost entirely because beneficiaries weren’t properly designated, accounts were unknown, or critical documents couldn’t be found.
This is not an exception—this is a pattern I’ve seen many times. Grief is already emotionally heavy; adding financial confusion only makes it heavier.
Beyond Basic Life Insurance
Many people believe that having life insurance means their family is fully protected. That’s a good start—but it’s not enough on its own.
Life insurance proceeds can take weeks or even months to be paid out, while expenses like funeral costs, mortgage payments, and medical bills are happening right now. And even when life insurance pays quickly, having a lump sum of money is only part of the solution. Your loved ones still need authority to access accounts, manage finances, and make decisions on your behalf.
In addition, insurance proceeds paid directly to a surviving spouse or minor child aren’t necessarily protected from future creditor claims, legal disputes, or even divorce. When a payout goes to a minor, the courts may require a conservatorship before funds can be accessed, creating another layer of delay and complication.
Life insurance alone doesn’t:
- Give anyone legal authority to act if you’re alive but incapacitated
- Provide a clear plan for daily financial management
- Ensure instructions are in place for medical decision-making
- Tell your family where all your important information is stored
For real protection, you need comprehensive planning that addresses both legal authority and practical realities.
What Effective Planning Actually Looks Like
Effective estate and legacy planning isn’t about obsessing over worst-case scenarios. It’s about making life easier for your family when they need it most.
Here’s what comprehensive planning includes:
First, a complete and regularly updated inventory of your assets. This includes financial accounts, property, business interests, digital assets, insurance policies, and even sentimental items with instructions for their distribution.
Second, clear instructions for accessing accounts and important information so your family isn’t left playing detective during a crisis.
Third, ensuring immediate access to funds for urgent needs, so your loved ones aren’t waiting on courts or insurance payouts to cover essentials.
Fourth, legal documents that work when they’re needed—such as powers of attorney, healthcare directives, trusts when appropriate, and guardianship designations. These documents should be properly drafted, coordinated, and stored where your family can find them easily.
Just as important is having a trusted advisor you can turn to—someone who understands your family, your values, and your wishes, and who will support your loved ones when you can’t. That’s why we build planning relationships that endure over time, with regular reviews to ensure your plan stays current as your life and circumstances evolve. A plan that isn’t reviewed can fail when it’s needed most.
When planning is done right, your family’s experience shifts from confusion and crisis to clarity and stability. They can focus on healing and supporting one another, not on paperwork and uncertainty. They can honor your life without the added burden of financial chaos.
Want to better understand how to protect your family and your legacy? Register for one of our upcoming workshops to learn more.
https://myanchorlaw.submitrequests.com/workshop-a
This article is a service of Attorney John F. Koenig, Anchor Law, Life and Legacy Planning, LLC, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a comprehensive Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® Firms, a source believed to provide accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.