My family, like many other families, is very busy; between children, work and home, there are many chores and activities that must be fulfilled every day. To conquer all these responsibilities, we divide many of them up. We trust each other to ensure that they are responsibly managing their duty. This works well because we have limited time and different skill sets. One of my responsibilities is managing the family finances.
Recently, my wife, Stephanie and I had a conversation revolving around our personal planning. It went something like this:
Stephanie: What happens if you die?
Bob: Don’t worry, everything is in order.
Stephanie: What does that mean?
Bob: We have our estate planning documents, there is more than enough insurance and everything for the business succession has been planned.
Stephanie: What do I need to know or do?
Bob: Ugh, well that is complicated.