As we all have learned from 2020, unpredictable events can occur at any time:  fires, hurricanes, floods, earthquakes, pandemics—you name it.  We want you to have the peace of knowing that you are prepared for the unexpected.  Although none of us can predict the future, there are some things you can do to ensure that you and your family are ready.  Here are a few questions to consider to help you protect the people and possessions you value most.

1. Are your documents secure?  

When trouble occurs, your documents must be ready.  It is critical that your important legal documents are kept secure in a weatherproof safe or container.  Likewise, documents regarding property ownership and identity should be stored away from exposure to dangerous elements such as fire, floods, and wind.  When the dust settles, you will need your important paperwork and legal documents to help get you through difficult times.

2. Are your documents up to date?  

Consider whether your estate planning documents reflect your reality at this time.  One unfortunate, but common mistake is the failure to keep important documents current.  People often forget to periodically review and update their documents after receiving them.  As a result, outdated estate plans frequently cause confusion because they describe a situation that no longer applies.

3. Do people know where to find your documents?  

As you try to prepare for the unpredictable, making your important documents accessible is crucial.  Having plans in place are of little value if no one can find your documents.  There are a number of ways you can provide accessibility without significantly impacting security.  A simple option is to keep the original documents in your home in a location you have disclosed to another family member, and keep a copy of the documents at a location other than your home in case your home is inaccessible.  You can also utilize technology to help provide accessibility by having digital copies available to you regardless of where you may be.

4. Is your insurance adequate and current?  

Insurance is a tool that must be monitored and maintained as your family and wealth change.  In preparing for the unexpected, review your insurance policy to make sure it adequately covers you, your family, and your possessions in the event of a crisis.  If you have previously witnessed natural disasters or emergencies, these experiences can provide valuable insight to help you ensure that your policies will protect you against the recurrence of these events.  For those living in the Nashville area who were impacted in some way by the storms or tornado of this past spring, now may be the time to better understand, update, or upgrade homeowner insurance policies.

Disasters and emergencies are inevitable.  We can plan for any number of potential events, but we cannot always predict when or how they will impact us.  By proactively asking yourself these questions, you will be better positioned to remain calm and focused in the midst of a crisis.

When reviewing these questions, remember that you are not alone.  Our firm is ready to assist you and can work with your trusted advisors to ensure that your important documents are up to date and best reflect your needs and wants.  Contact us today. We can schedule an appointment to discuss ways that we can help support you and your family to protect the people, possessions, and values that mean the most to you.

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Posted by Jim Foster

Jim Foster