As we enter 2023 there is always lots of chatter about new year, new you. And New Year Resolutions. However, the reality is that you are now simply a year older and worldly wiser.
What is the wise thing to do as you start the new year?
Well, it’s a really good time to reflect on your business and personal commitments and make sure everything is in order and you and your loved ones are protected should something unforeseen, unfortunate or even expected happen.
So, what does that mean from a personal perspective? Over the previous year think whether your personal circumstances have changed, or if your potential wishes for the future have altered. How is your health? Do you have older relatives who are becoming more dependent on you for support? Reflecting on all these questions do you need to:
- Update your will
- Create a will
- Register for Lasting Power of Attorney for an aging relative.
From a business perspective the questions are similar. Have your circumstances changed in the last year? If you have started a business, have you included what should happen to the ownership of the business in your will if something unforeseen were to happen? Do your articles of association or share purchase agreements stipulate what should happen to ownership of shares? Does anyone have first refusal to purchase them?
Also, insurances. Do you have key person insurance? Does your business continuity plan cover both immediate and longer-term actions?
Questions. Lots of questions. However, its far better to invest some time to reflect and act now proactively, rather than wait and find yourself reacting to circumstances that could have been avoided.
Now that would be the wise thing to do.
If you would like an initial conversation on any of the topics covered in this article please contact firstname.lastname@example.org and arrange a no-obligation conversation.