In our office, we rely on an entire team of people, all with special knowledge, training, and expertise. We recognize that one person cannot do everything. Some devote time to creating and implementing financial plans, others focus on the markets and investment opportunities, some protect and safeguard sensitive information from cyber criminals, and others concentrate on our firm’s operations. Everyone plays an integral role in the success of our company. Cross-training and documenting processes are a vital part of our continuity plan.
What about a personal continuity plan? At the end of November, I became a student in my own home. As my husband prepared for surgery, he wanted to ready me to take over while he was off his feet. Reluctantly, I was learning how to mix gas for the snowblower and how to monitor and add chemicals to the hot tub. It made me think about other things he handles for our household, which I have no idea how to do. On the flip side, there are things I do that would be hard for someone else to take over without prior knowledge or a detailed explanation.
Over the last 30+ years, I have worked with many clients trying to put together the pieces after losing a loved one. This could be a spouse, parent, sibling, child – it could be anyone. If you’ve ever been in this position, you know stepping into someone’s shoes can be overwhelming.
Creating a personal continuity plan can help smooth the transition when someone needs to take over for you. This can be accomplished by creating a list or spreadsheet and simply documenting what you do. While this would be hard to do all at once, it can be simplified by adding items each month. Break your list into segments – financial, household, real estate, business, etc. Then note what you do daily, weekly, monthly, quarterly, semi-annually, and annually.
Examples:
- Auto insurance is due semi-annually in March and September. The agent is John Smith. The policy is kept in the filing cabinet. The premium is paid by check.
- The batteries in the smoke detectors are replaced every six months in December and June.
- Income taxes. We keep documents in the filing cabinet in a folder labeled taxes. We receive 1099s from the bank and credit union. We also receive 1099s from our investment company for interest income and capital gains on the trust account and for distributions from retirement accounts.
- Drain the sprinklers each fall after the irrigation water is turned off.
Your list will be specific to you and relate to your financial situation, property ownership, and/or business ownership. The more specific and detailed, the better. What seems familiar to you may look foreign to someone else. Let someone know about the list and review the items with them. They may have questions you can clarify, saving time and energy down the road.
In my experience, loved ones who have been informed and have a map to follow experience less stress during an emotionally difficult time.
