Planning for a Crisis
The world around us is constantly changing and evolving. During times like these, we want you to have peace of mind knowing, with certainty, that your assets are secure and your estate plan is set.
To know if you are ready for a potential crisis you can ask yourself the following preliminary questions:
1) Do I have control over my assets and how they’re protected?
2) Do I have the legal documents I need so that my family is able to care for my needs?
3) Is my family financially cared for if a crisis occurs?
These questions are simple starting points for what you and your family should be planning for prior to a crisis situation.
For a more in-depth analysis, consider the following:
Inventory of Assets
An inventory of your assets could look like you gathering a pen and paper and writing down every asset you own. We recommend gathering bank and investment statements, tax property notices, and life insurance policy information. This will ensure you know what you have and what you need to protect.
Protecting My Assets
When crises hit, panic can often follow. In the midst of panic, third parties may try to make claims against your and your assets. Most people only remember to think of protecting assets when they’re past the point of allowable protection. Think smart — plan ahead and protect those you care about by protecting the means and assets by which you can care for them.
Necessary Legal Documents
Financial and Healthcare Powers of Attorney are essential in preparing for a crisis. These legal documents allow trusted individuals (called “agents”) to make financial and health care decisions for you when you are unable to do so. These financial decisions can include filing taxes, paying bills, dealing with insurance, and contacting financial institutions on your behalf. Healthcare decisions can include authorizing emergency care procedures and physical therapy, signing healthcare releases, and making other healthcare decisions on your behalf. These documents work together to ensure your finances and health care are taken care of.
Caring For My Family Financially
You can prepare for your family’s future by ensuring you have the following: adequate health insurance, a good cash reserve, a working budget, and auto-payments in place. Furthermore, protecting assets, as mentioned above, and/or planning for death will help to secure your family’s future
By having McCullough Sparks provide your estate planning and asset protection, you can have peace of mind even during times of uncertainty.