Help clients prevent unpreparedness and family difficulties

Consider this question: “Who would be most affected if something were to happen to me tomorrow, and what would that person have to do?”

This is not an easy question, but it is imperative that you ask it and consider the consequences. Make a written list of the individuals who would be most immediately and adversely affected by your passing or your incapacitation — not just emotionally but also logistically and financially — and make some notes as to how each person would have to respond if something were to happen to you. Your list should specifically include the following information:

• Who will likely find themselves responsible for handling your funeral and/or memorial arrangements?
• How will that person know what your final wishes are?
• How will the funeral and/or memorial expenses be paid?
• Who will be responsible for settling your financial affairs?
• What kind of records will that person have access to?
• In the weeks or months following your incapacitation or passing, how easy or difficult will it be for that person to interact with your employer?
• Who are your insurance providers?
• Do you have any creditors?
• Who will be responsible for taking care of your loved ones — your children, aging parents or pets?
• Who will tend to your household?

Put that list away, and give yourself a few days before you look at it again. Once you have had a little time to digest this difficult task, review the list again closely. Make any additions or changes you feel are necessary.

Now, set time aside for planning. Creating and revising the list and considering the consequences will provide clarity on how important it is for you to take action. Clarity will lead to confidence in taking action to protect the security and peace of mind of those you love if something happens to you.

Michaela Scott, CFP, MSFS, is a five-year MDRT member from Methuen, Massachusetts. Hear more in the new episode of MDRT Presents: