My Uncle’s Early Death Hit Our Family Hard: A Case for Estate Planning

Micah ShilanskiAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

When my Uncle Ricky passed away at the age of 41, our family was thrown into a state of emotional turmoil. His sudden departure was not just a personal loss; it became the greatest professional regret my father would ever experience.

Uncle Ricky was a man of great warmth, known throughout western Alaska for his kindness, resilience, and the deep love he had for his family. He left behind two beautiful daughters, barely out of middle school, and a wife who had shared a lifetime of memories with him. Ricky was a friend to everyone, and no one was a stranger to him. Yet, despite his many strengths, he did not have his financial planning in order – a fact that would haunt our family for years to come.

The Importance of estate planning: A lesson learned too late

My father, the eldest of his siblings, took it upon himself to ensure that our family was protected in the event of a tragedy. He made it his mission to talk to his brothers and sisters about the importance of life insurance and estate planning. He knew all too well the consequences of not being prepared for the unexpected.

Despite his best efforts, Ricky always found a reason to put off these crucial conversations. He always thought there would be time to deal with it tomorrow – until there were no more tomorrows left.

This experience has profoundly impacted how my father approaches his work with clients today. When he meets with someone to discuss their financial plan, the first topic he addresses is always estate planning. It’s not just a conversation; it’s a priority. He knows from personal experience that if this isn’t taken care of, the rest of the financial plan is meaningless.

Why estate planning should be the foundation of every financial plan

At Shilanski & Associates Inc., our Registered Investment Advisor (RIA) firm in Anchorage, Alaska, we believe that estate planning is the foundation upon which all other financial plans should be built. We may not have an in-house attorney, but we have established strong relationships with several reputable attorneys in our area.

When a client needs to start the estate planning process, we provide them with three options for outside counsel. Once they have made their selection, the initial meeting takes place in our office. We do this for both the client’s convenience and to ensure that everything gets done correctly.