It is mind-blowing to think of what has happened in our world in the last few weeks. Never in a million years would I guess that we would be right here right now. We all are trying to adjust to this new normal. One of the best things you can do for your family right now is to ensure that you minimize risk. How can you do that? Assess your wellness in the following three areas:
Financial: Wall Street is akin to last season’s Bachelor- it cannot make up its mind. When was the last time you spoke to your advisor? Is your portfolio too risky? It is important that you feel secure when the market is not. Take an assessment of your financial goals as you may find that your goals have been altered, or you may have new goals as you achieved previous ones. Do you have an emergency fund in place? Track your spending over the past 6 months and determine where changes can be made. It is important that you review your financial wellness annually.
Insurance: When was the last time you reviewed your insurance policies? I bet since that time you have gotten married, had a baby, added a four-legged friend to your family, sent a kid off to college, finished your basement, bought a trampoline, replaced your roof or made a big purchase. It is likely that your insurance policies are out of date. During an insurance review, your agent will go over specific details about each of your policies to ensure that all your needs are met. You may find something that you don’t currently have covered, a discount that you aren’t taking advantage of or an extra coverage to add at no additional cost.
Estate planning: If you have a current estate plan, does it fit your family today? You should review your estate plan every three years or when a major event occurs in your life. If you do not have an estate plan, this is the time to get one in place. Estate planning, in its most basic form, involves implementing the legal steps and directives that are necessary to ensure that your health and your assets are managed properly in the event of incapacity and death.
Tonight before you sit down to catch up on Tiger King, take the time to assess your risk in each of these areas. Schedule a phone call with your advisor, insurance agent, and attorney. If you do not have an advisor or insurance agent you trust, contact us. We are proud to work with a team of exceptional people that are ready to help you! It is important that you take the time to reduce your risk so that when a global pandemic occurs you can sit back and only worry about whether Carole Baskin fed her husband to a tiger.