by Allan Duff. June, 2010, 2017

UPON READING an article discussing the need to plan one’s financial life on changing events I was struck by something less obvious. The article’s changing events referred to such life altering occurrences as marriage, births and deaths. Included in this list were pay increases, job promotions and more. Sure, the thrust was to convey an obvious message but two things struck me as not so obvious. Both these thoughts are as important to keep in mind as the message and reminders given by the original author.

The first thought is being able recognize just when we do have a life changing situation. Sure, retiring or marrying are obvious, we know. How about others of life’s situations that are less obvious but lead to important changes more subtly?

Many times I have been witness to a client reading his or her will with me for the first time since it was written, maybe well over ten years earlier. They are doing this only because I’ve insisted on it. The reactions of these folk, estate planners, is astounding sometimes. Quite literally one man frothed at the mouth on reading his will and ante nuptial contract some twenty years after they were written. Normally a soft spoken fellow he now resorted to strong expletives heard only on ships at sea. He blamed every one on Earth, his wife, about to be ex wife, her father, her father’s attorney, any one but himself, for what he now was reading before him. He was convinced he’d been duped and these contracts before him were switches. There was his original signature at the foot, so this was not a probability in my view. When I suggested he once loved the woman enough to bestow his Earthly wealth on her and even to include this portion of his will in his marriage contract, he became more upset.

“No man could have loved any woman that much”, he raved. There are times when even I must hold my peace, this was one such.

What had happened here? Over time, as slow as the dates on the calendar move away from us, something had changed. Sadly, these two had fallen out of love to the point their relationship had gone beyond being stale, to one of open dislike and contempt for one another. Life happens, eh, bro? That marriage councillors were not consulted was not a part of my role in this terrible business. That he, my new client, expected me to save his assurance policies from her divorce settlement claim was what he wanted of me. Nope, I could not do that.

The question from this illustration is when did change happen and when did his will no longer suit him? Too late now. We can take a good lesson from this very sad situation. Make it a golden rule to review all of our planning on a regular basis. This way we’ll not be taken by surprise. Of course, he could not have changed some of those agreements, if any at all, He could have, however, planned in other ways to avoid his unpleasant and very costly surprise had he seen these changes coming.. Baden Powell had it right with his Boy Scouts’ motto: Be Prepared.

Remember to read our wills regularly, annually. Not just our wills but marriage contracts, those business contracts, lease agreements and all those horrid and mundane documents we wish did not exist They exist for our own benefit and protection, so why not let them remind us of our laid down plans?

The second thought I had from our article is, getting around to it. Making a rule is one thing. Seeing to it we adhere to the rule is quite another. We all know the sales aid, the circular piece of paper, or plastic or drawing, The Round Tuit. Well, it’s true, we need it, all of us.

Today, with personal ‘phones that have calendars, Google Calendar, even wrist watches; they all have anniversary reminders, there is no reason to forget ourselves. It is one thing to set reminders to call a friend of a friend to see if they are on Facebook or Twitter, but quite another when it comes to looking after ourselves.

There is no excuse for forgetting to look after our financial well being and of our loved by being negligent.

Just some thoughts. Oh, and one more, have you forgotten to call me for some update planning? Is that now on your calendar reminder complete with a loud alarm?

Some, more, food for thought.

“All that truly matters in the end is that you loved”, and

If we all threw our problems in a pile and saw everyone else’s, we’d grab ours back.” One more for luck whilst we’re in this mood,

“Life isn’t tied with a bow, but it’s still a gift”