Newsflash: We're all going to die one day. Grim huh? No point denying the inevitable, but there's an important question to be asked...
There is enormous power in embracing our own mortality. It sure puts things in perspective real fast. But for many people it's the last thing they want to think about, and fair enough too. But at Assetlab we talk about the hard stuff too, because it's important.
So, here's a question:If today was your last day, how prepared is your significant other (or family in general if you don't have a spouse) to manage your assets?
In many relationships I've seen, one partner is far more involved in the investment side of things. That's fair enough, this investment stuff doesn't fire everyone up and for some people it's just 'not their thing'.
BUT...Doesn't it make sense that we have a plan for when we are shuffled off this mortal coil, that our significant other knows what to do next? Do they know how it all works, where all of the assets are, who manages them, login details, and a general understanding of how things all fit together?
Maybe you have a trusted friend of colleague who understands it all in place to assist your partner through it?
This is a different conversation to ensuring you have a will in place, Powers of Attorney, the relevant insurances etc. It's simply making sure that if we leave suddenly that our family knows how it all works so they can protect and grow the assets you have all worked so hard for.
It's a confronting subject, I get it. Maybe today is the day to quickly ask yourself if you have a robust process in place for this, and if not, maybe it's time to look at it.
Food for thought anyway?