#139 8 Ways To Protect Your Family’s Future
In this episode, Dr. Peter Kim will explain the 8 ways you can prepare and protect your family’s future, otherwise known as estate planning.
Although discussing death and making plans for your family may initially feel uncomfortable, doing so can reduce your anxiety about the future and provide you clarity as you decide what’s essential to you. Most significantly, it aids in safeguarding and supporting the ones you cherish.
Listen to this podcast for the 8 things you can do to protect your family’s future.
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- 8 Things Smart People Do for End-of-Life Planning
- Plan for your family’s financial situation
- Organizing your important documents
- Digital vault
- Password Manager
- Plan ahead
Episode Breakdown
#1 A Living Trust. A living trust is a set of instructions left for your family for when you pass away. It allows you to assign a trustee, someone who will take care of your beneficiaries, and make sure that the assets get split up according to your instructions. The benefit of a living trust is that it will allow you to avoid probate court, give you the opportunity to pass on your inheritance in private, and the trust can go into effect outside of your death.
#2 A Power Of Attorney. In the event that you are ever unable to make decisions for yourself, a medical power of attorney enables you to arrange for your future medical care.
#3 Organize Your Documents. Gather all your documents, deeds, letters, etc and organize your files with a digital vault. Here you can quickly locate and access all of your digital assets from one handy location.
#4 Passwords. Once you have your digital vault, the next thing you need to do, is to secure a password. Find a password manager that enables you to save other sensitive information in an encrypted digital web vault for online logins.
#5 Organize Your Investments. Collect all the information on your various investments, syndications, angel investments, etc. Beyond your CPA, keep a list on an excel spreadsheet for your loved ones to access when needed.
In the event of a specific loss, damage, or injury, insurance serves as a means of preventing financial loss.
#6 Life Insurance. In the event of a specific loss, damage, or injury; insurance serves as a means of preventing financial loss and hardship
#7 Disability Insurance. The most precious asset you have as a physician is your potential for career financial success and in order to fully realize it, you must be able to work. Financial difficulties may arise if a sickness or injury prevents you from working in your field of expertise.
You can choose specialty specific disability insurance, to keep you from the duties of your real job.
Making a plan if something were to happen to you is not a pleasant thing, although death is unavoidable. Use this as a checklist to have the assurance that if something unpredictable happens, you will be able to protect your family. Afterall, the ultimate goal is to enjoy life with the people you love.
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