As I’m writing this, Hurricane Sandy is about to make landfall on coast of New Jersey. I got an email earlier today with the headline “Hurricane Sandy Tests Wall Street’s Disaster Protocol”. My first thought was that it’s essential that Wall Street (i.e., the stock exchanges, the investment banks, the securities firms, etc.) have disaster protocols. For that matter, it’s important that the cities, counties, states, and most other major institutions in the affected areas have such protocols as well.
It occurs to me that disasters don’t just affect institutions; most significantly, they affect people. But do people have “disaster protocols”? Thinking broadly, I believe that an aspect of financial and estate planning can be likened to a “disaster protocol”. In other words, what would and should happen if the worst happens?
And what’s the worst that could happen? What’s the unthinkable that nobody wants to talk about?…
What would happen if you suddenly, unexpectedly die?