The Value of Scenario Planning

In addition to helping you reach your goals and grow your money, we also want to help you plan for emergencies and protect your family. Adequate insurance coverage is an important part of this protection, but proper planning at a very basic level is equally important. We want to encourage you to consider taking a few hours to do some scenario planning to better prepare you and your family should anything unexpected happen to you.

Imagine for a moment that tonight you are incapacitated by a stroke. Here are some things to consider:

  1. Can anyone in your family conduct your affairs easily and efficiently?
  2. Do they know how to login to your computer?
  3. Do they know how you pay your bills?
  4. Can they find everything they need to function in our current electronic world? (which websites, which passwords and logins, etc)
  5. Can they put their hands on your legal documents that establish their power of attorney?

One of the most helpful things that you can do is to create a written memo or letter that outlines how you specifically conduct your financial affairs each month. This would describe:

  1. How to login to your computer.
  2. Where are your bills kept?
  3. Which bills are paid automatically.
  4. Which bills need to be paid electronically. (How to login to the website and conduct these transactions)
  5. Which bills are paid by check. What dates are the bills due?
  6. How do you access cash for emergencies?
  7. Where is the safety deposit box key?
  8. What is in the safety deposit box?
  9. Who can access the safety deposit box? (Do you need to add others?)
  10. Where is your will and important documents?
  11. Who should be contacted if anything happens to you?

In addition to writing down your family business procedures, you should consider how you capture and record all of your logins, passwords, and other important information. You’ll want to keep this secure, accessible by a family member or friend should anything happen to you.

Imagine the problems that would be created if your computer is password protected and no one but you knows how to get your computer up and running. Take some time and make sure your spouse or family knows how to get into your computer.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Arkansas Financial Group, Inc.-“AFG”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from AFG. Please remember that if you are a AFG client, it remains your responsibility to advise AFG, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. AFG is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the AFG’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Please Note: AFG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to AFG’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

 

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