In the making lemonade out of lemons department is this story about a woman whose 43 year old husband died after his bicycle was hit by a motorist. The couple had unsigned wills, no emergency savings, financial accounts with passwords the wife did not know, but some life insurance. The widow created a web site to encourage others to avoid her financial calumny and to essentially take steps to become a responsible adult by executing a will and other financial documents and by assisting with passwords and other financial knowledge.
When prioritizing allocation of financial resources to major decisions, I recommend the following:
1. Life insurance. Provide financial security for the spouse and children.
2. Living will and health care power of attorney. Do not bankrupt the family because medical decisions can not be made.
3. Will. Clarify distributions and designate a guardian.
Somewhat related, the article did nothing to dispel my fear of riding my bike on the road rather than a bike trail.