29 Jul + Get organized for the future: Have your plans in place
When I turned on the radio this morning, I was shocked to find out that the lead host of the show I’ve listened to on my morning commute for the last eight years passed away over the weekend. Kidd Kraddick was only 53.
Listening on the drive this morning, the question was asked, “What happens now?”
Kidd Kraddick in the Morning co-host Kellie Rasberry’s response: “We don’t know.”
This brings up a common issue in both businesses and personal lives. Is there a plan for the future?
For business owners:
What will happen to your business…
when you want to retire?
if you become disabled and can no longer work?
if you die?
Do you have a living will, specifying your wishes should you not be able to make your own medical decisions?
Who will get custody or guardianship of your children?
What funds will be used to care for your children?
Who will get your house?
Who will get your belongings?
Who will get your assets?
What funds will go to your spouse?
What funds will cover the cost of your funeral?
Do you want to be cremated or buried?
Do you have special requests for your services?
Are there any programs or projects you want to support even after your passing?
To avoid added stress on your loved ones on top of the heartache your incapacity or death will cause, be sure to have plans in place, and let a close confidante know where those plans can be found. Consult an estate planning or probate attorney in order to create the documents (will, medical power of attorney, etc.) you need for a smooth transition. Consult an attorney who specializes in business and business succession to ensure that all bases are covered.
If you have kids and/or own a home and/or own a business, you need to have your wishes drawn up in writing.