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.


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