Colin Smith Law - May 2020

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May 2020

The Importance of Planning To Keep Your Family Protected

Over the past few months, the COVID-19 pandemic has caused a lot of people to make changes in their life — adapting to working from home, practicing social distancing, and finding healthy ways to cope with the trauma of the pandemic. However, this crisis is also causing people to reflect on what’s most important in their lives. People are thinking about the current state of things, but they’re also wondering more about the future. Estate planning has always been an essential part of life, and now, people are realizing just how important it can be. Estate planning guarantees that your assets and your family are taken care of after you’re gone. The uncertainty in the world right now is showing us just how important it is to take the time to line up everything exactly how you want it. This has also prompted me to take steps to ensure my family, my clients, and those in the industry are taken care of. Similar to estate planning, business succession planning ensures that if something happens to me, then my law practice work gets completed, assets get sold, and clients get notified. It also ensures my family receives the money from the sale of the business. I can rest easy knowing that the people in my life are taken care of — family, team members, and clients alike. No matter what your situation or plan might be, everyone should be taking these similar, though difficult, steps. In the event of a crisis, it’s easy for small but essential details to slip through the cracks. I’m here to help you make sure you’ve crossed every T and dotted every I. One of the biggest mistakes I see people make is that they don’t store their information in one place for their family or successor to easily find. This problem is exacerbated when

Although I know there’s plenty happening around us already, there are a few things you should keep in mind. First, with the courts closed, things are taking longer than usual. This is problematic if a family loses a loved one and needs money immediately, but we have some ways to work around this. Second, my team and I are well aware that people who have lost their jobs are going to have a harder time getting life insurance. No matter what situation you find yourself in, now is a good time to consider getting life insurance outside of your employer. That way, in the event that you lose your job, you’ll still have your benefits. In this time of crisis, it’s important to keep a level head. At Colin Smith Law we can support you and help you protect yourself, your assets, and most importantly, your family.

only one person in the family knows where everything is and, suddenly, they’re gone. It can take days to locate important documents, but even worse, some critical information may never be found. When you’re creating your estate plan, it’s crucial to ensure that a few people know where to find that information. In addition to your estate planning documents and information, make sure your family or successor has access to your mobile device, computer, and even your social media accounts, including passwords for all. This is something many people do not think of. These days almost everyone is going paperless, which means providing the location of any scanned documents on your computer or laptop, in addition to computer program access codes and other vital passwords, is significant to your estate planning process. For a full list of the electronic access your family will need and all the estate planning documents you need to have, visit our website at ColinSmithLaw.com/blog.

-Colin Smith

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