How to Protect Your Assets

See on Scoop.itmoney management

As an entrepreneur, you need to ensure that you have more control of your finances.

insurance documents

Moneyseeker‘s insight:

The timing of this article couldn’t have been better.  After months of procrastinating Simon and I are finally getting arround to reviewing our insurances and other associated documents

No-one likes having to discuss let alone plan for the ‘nasties’ that may happen in life.

But, I have heard too many horror stories where families haven’t talked about protecting assets and things have gone wrong and the fallout has been horrendous for those left behind to sort out the mess.

It isn’t easy, particulary where there are businesses involved, and blended families.  We ended up resorting to using a whiteboard and going over as many different scenarios aswe could think of to make sure we had the right protection in the right place.

But it is more than just making sure that we know how everything fits together and what goes where, it is also really important to have someone else knowing the plan so they can assist in administering it all.

My recommendation, if you haven’t looked at your asset protection plan for a few years, pull it out, review everything from your will to your trust to your insurances and make sure that in the event of anything going wrong, those left behind are at least financially protected.

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3 thoughts on “How to Protect Your Assets

  1. We all know people who haven’t done what if check and have then suffered a major loss. It is horrible to talk through scenarios, but the alternative is also potentially devastating. Ultimately it doesn’t matter if you are an entrepreneur or simply someone who cares about their family and people they feel a responsibility for.

    If you are the main income earner in your family for example and you have a partner and children, a mortgage and debt, what would become of them if you didn’t plan for some worst case scenarios.

    What are the best options for the worst circumstances? Who do you trust to look after your affairs? Many of us leave these thoughts for the round tuit. If you don’t get one (a round tuit) think about the results of people you know, friends, family or acquaintances who also didn’t get one, whose families are now struggling, or arguing over what they think you wanted. Spend a few hours thinking about your options and do something today, make a start.

    • Hi Luigi

      Thanks for the comment, very insightful.

      I think the hardest part of the conversation is starting it. We are all busy with everyday ‘stuff’, finding the time and emotional space to have a serious conversation without distraction is really hard.

      Just as we make a conscious effort to have a ‘date night’ maybe we should put the same effort into having a ‘let’s plan our future’ night.

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