In many families, one person ends up handling all the insurance and financial planning. It is usually the spouse who feels more financially confident or comfortable with paperwork. On the surface, this seems efficient. Someone is “handling it,” and the rest of the family doesn’t have to worry. But over the years, I have seen that while this setup is common, it is not best practice and often creates hidden risks that only surface when it is too late. One Person Often Handles Everything Leaving all financial and insurance matters to one person may seem convenient, but it comes with serious downsides. When children are still dependents, both parents should understand the family’s coverage and financial plans. As children grow older, educating them about financial and insurance arrangements ensures they can manage their own affairs and know what provisions their parents have made. When knowledge is concentrated in a single person, the rest of the...