With the start of a new year and a new decade, we tend to focus
more than usual on important personal goals and objectives. One
goal to consider is creating a family contingency plan.
Your plan can be short and simple, or lengthy and detailed. In
brief, it entails creating a list of critical information of who,
what and where. Who to call in an emergency, such as close
relatives, key professionals including doctors, accountants,
lawyers and other professional advisors. What you own, such as bank
and investment accounts, retirement, pension and other plans,
insurance, real estate, personal effects, including art, jewelry
and other valuables and collectibles, and how assets are structured
if there are any holding companies, trusts or other entities, and
at which financial institutions property is held (including any
safe deposit boxes), as well as any liabilities, such as mortgages,
loans, lines of credit and credit cards.
