Fifteen years later, I still experience moments of sheer horror regarding my family's financial situation.

NPR: Still Paying Off That Student Loan

Mr. Puzo, who says he has set up increasing numbers of quiet trusts in the past two years, notes that it is important not to leave heirs in the dark too long: The beneficiary needs to know his financial situation, and the family needs to make sure someone is keeping tabs on the trustee, he says.

WSJ: Can You Trust Your Kid With $5.25 Million?

People tend to buy life insurance and then forget about it but a change in your financial situation or a birth, death, marriage, or divorce in your family could require you to update your beneficiaries or the amount of insurance you need.

FORBES: 5 Common Myths About Life Insurance Needs

Lonmin's chief financial officer, Simon Scott, called the situation "tragic" and expressed condolences to the family and friends of the workers and police officers who died this week.

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