When it comes to planning for the future, we often focus on our big picture goals like retirement savings, planning for college and other milestones while overlooking simple steps and conversations that can make a big impact. Something as simple as completing an In Case of Emergency (ICE) plan for your own records can be incredibly helpful, because it ensures you are prepared for unexpected events and reduces stress when emergencies occur. Here’s how:
Clarity and Organization
- Having a written plan organizes your thoughts and ensures all critical information (e.g., emergency contacts, financial resources, insurance details) is readily available.
- It provides a clear action plan, which can be followed easily during high-stress situations.
Guidance for Others
- In your absence or incapacitation, a written plan helps your loved ones handle financial and legal matters on your behalf without confusion.
Minimizes Emotional Decisions
- Emergencies can lead to panic, resulting in poor decisions made in haste. A written ICE plan can guide you to make pre-thought-out, rational choices.
Ensures Comprehensive Coverage
- Writing it out helps identify gaps in your current financial setup, like insufficient insurance or missing legal documents (e.g., wills or power of attorney).
Completing our ICE form can serve as a great tool and reference document for you as your plan for life’s unknowns. By proactively preparing, you’re not only protecting your financial life but also giving yourself peace of mind knowing you’re ready for life’s uncertainties. We’re here to help – reach out to your Fiduciary Investment Advisor if you would like to discuss this or any other approaches to planning for your future.
Other reading on planning for the future: Cognitive Decline: What You and Your Financial Advisor Can Do to Protect Your Assets – American Trust Wealth