Preparing for the worst

Sometimes reality smacks you pretty hard in the face. As I prepared for vacation, I got smacked but good. There was a tragic car accident and my nephew was killed instantly. In a daze, I rearranged my travel plans and headed home to be with my family. After four days, I caught a couple of planes to catch up with my husband and son who started vacation without me. The hours in airports and jets gave me time to think about how precious life is, and how, no matter what, we are rarely prepared for the worst.

One thing that is very clear to me is that we should all take time now to think about those we will leave behind. Who will care for my child? Do we have enough life insurance? Do I need long-term care insurance? Have I made my own wishes for memorial and life support known? Is our will up to date–do we even have one? Do I understand the difference between a will and a trust?

Many of these topics fall under the heading of “Estate Planning.” If you’re an Average Joe like me, you don’t live on an estate, so you might not think the term applies to you. Nothing could be farther from the truth. And even though the thought of needing such a plan may be unpleasant, and researching how to come up with a plan may be time consuming and complicated, you owe it to those you love to take on the task.

Many of the sites you come across in an internet search will be trying to sell you something, even some of the links I provided. I am not referring any companies or products, just more information on the subject at hand. For many of us, a trusted professional is a good start. An attorney, accountant or financial planner may have suggestions on where you should start. Ask your friends and business associates how they have created their ultimate exit strategy. Since every state has different laws, you will want to make sure your plan takes your state’s regulations into account.

I tend to think I will be around for a long, long time, and I hope I will. Still, I owe it to my loved ones to be prepared. I hope you will take a few minutes out of your day to consider those you may, one day, leave behind unexpectedly, and do what you can to ease their grief when you’re gone.

Previous Article

Help a fellow entrepreneur!

Next Article

Salesforce for cheap

Related Posts
employee feedback
Read More

A Startup Guide to Creating an Employee Feedback Strategy

Startups can be high-pressured environments, with world-changing missions that inevitably encourage staff to work incredibly hard. It’s probably no surprise that the average tenure at a fast-growing startup is just two years, several years less than the market average. High levels of staff turnover can be disruptive and very expensive. It’s also particularly challenging to...
entities for incorporation
Read More

Ready to Exit Sole Proprietor Status? Consider These 4 Entities for Incorporation

A new year means a clean slate for business. If your business is still in sole proprietor status, now is the perfect time to start thinking about incorporating as a registered entity formation. What registered entities should entrepreneurs incorporate as? Here are a few popular options for entrepreneurs planning to exit sole proprietor status. Limited...
communication skills
Read More

7 Tips to Improve Your Business Communication Skills

Communication skills are a crucial part of any business. To increase your success, you need to learn how to communicate with the people around you. Communication skills make it easier for you and your team members to work together more effectively on projects, solve problems more quickly and reach goals faster. The following seven tips...
Read More

How To Make Your Startup Bankable

You’ve probably heard it countless times: “If you fail to plan, you plan to fail.” While it’s always a great idea to think about your long-term personal goals, this adage is even more applicable if you’re venturing into entrepreneurship. Smart planning can go a long way in making your startup bankable. The U.S. Bureau of...