Updated: Jan 24
Here are some of the things to think about:
1) Do you have a disaster recovery plan? Are your loved ones well protected in case of a premature death?
2) Is there liquidity to cover debt such as a line of credit, mortgage, business loans? Are any of these insured?
3) Are you able to sustain yourself and your family if you become critically ill or are unable to provide an income for you, your family and possibly your employees?
4) If you have a business, what would you like to see happen to it? Should it be sold? Should it be kept in the family? Should it be continued and run by a key employee?
5) Do you have an up to date will that reflects your current wishes? If you have one is everything still relevant?
6) Who will be your executor? Does that person know what to do?
7) How would you like your estate allocated among your beneficiaries?
8) If one of your beneficiaries were to die before you, then how would his/her share be allocated?
9) If you have minor children, who would you choose as guardians to look after them?
10) Do you have any charitable bequests you would like to make? Are you aware of the many strategies for generosity?
11) Do you have a list of your assets and liabilities? It doesn’t have to be perfect, but you need it, and you can update it regularly.
12) Have you prepared a list of your digital footprint, so your executers have easy access to all your bank and social media accounts?
13) Who would you appoint to oversee medical decisions for you if you are not able to do this on your own?
PLEASE, PLEASE, PLEASE, DO NOT PROCRASTINATE
The time to do the above is now (at the beginning of the New Year).
You owe it to yourself and your family to follow up on this.
We tend to get busy with other stuff and push this to the back of the TO DO list.
As my dear friend. Sandy Pollack wrote in her recent book “Don’t Leave a Mess”!
Let’s have a conversation, please call upon us at M Bacal Group, firstname.lastname@example.org, to help you through the process.