Having an initial mentality that investing in Bitcoin had some level of risk will help one prepare for any outcome. But if you take all the necessary security measures, the risk of losing money will be reduced.
Life is unpredictable. The world just lost a promising footballer, Diago Jota, to an accident, hence there is a need to have a good plan for the transfer of my crypto assets to my heirs. My wife is aware of my assets and she is slightly grounded in cryptocurrencies.
Not having a backup is like driving a car without having a spare tire. Writing your seed phrase in durable materials and keeping it safe in more than one location is important. Saving it online is a no-go area.
Diago Jota was in best of his health and died while driving a Lamborghini, this is a clear indication that how uncertain life is. Their is a legal system to transfer things like property, funds in account and more after death of a person but that's not the case with Bitcoin residing in non-custodial wallet. We as custodian of our bitcoins have to take necessary measures to make sure that our next of kin can access our Bitcoins in case we no more exist. If one has not passed details of his wallets to his next of kin then be aware that they will be lost on Bitcoin blockchain forever and no one can access them in case you die.