Cristina Briboneria, CFP®, AWMA®, ADPA®
Vice President, Private CFO®
As I write this, I am nearly in tears. Full disclosure, I want you to know that I was a true Lakers and Kobe Bryant fan. For me, growing up in Los Angeles and being a basketball player, I looked up to Kobe as a hero for his entire career. Yes, he disappointed me and his other fans many times during his career, but it was his determination, fire to win, and strive to reach his goals, which made me and the rest of Los Angeles always love him. Kobe Bryant’s death is a shock to his fans, family, colleagues. Over the last several days I have had the chance to speak with my friends, family, colleagues, and clients about how Kobe’s death impacted them, the one phrase that keeps coming up is that “it puts everything into perspective”.
As a Certified Financial Planner® my main priority is helping our clients get to their goals. On a daily basis, we figure out how to get our clients to save, budget, reduce taxes, get to retirement, set up their businesses, get their kids to college, but most importantly we figure out how to protect their families in the event of a tragedy. So, I’m sharing a few things that you should do to help protect you and your family in the event of death or disability:
- Make sure you get your Wills, Trusts, and powers of attorneys updated.
- Review all of your life insurance policies. Ask yourself and your family the following questions:
- What goals do you want covered in the event of your death?
- Do you currently have enough coverage?
- Could you be saving money on your current coverage?
- Do you even have the right type of coverage?
- Review your disability coverage through work.
- Most companies offer between 50-60% of your salary should you become disabled, is that enough for you and your loved ones to live on if you could not work?
- If you own a business, do you have a buy-sell agreement in place?
- Take inventory of your assets, property, account numbers, logins and passwords so that people know how to access them.
- Make sure that your friends and family know who to contact in the event of an emergency.
Personally, I have not been immune to tragedy in my own life, both my parents passed away when I was 11 and 17, mother (age 44) because of breast cancer, and father (age 56) because of a heart attack. Nothing can prevent our families from grieving in the event of a tragedy or untimely death or disability, but the above are just a few small things that can help guide them a little bit easier.