Sudden Death Checklist - one stop for all your crucial information
Our Sudden Death Checklist is a comprehensive information storehouse that keeps all of the business owner’s crucial personal and business information in one place, in case of a sudden death or incapacitation. Jack Veale developed this checklist over decades of working with closely held, family owned businesses. Jack’s checklist started out as a 3 page spreadsheet integrated with the company’s long range plan and succession plan; gradually expanding the check list items to cover 100 pages! For example, 15 years ago, having logins and passwords on bank accounts, social media, and other websites was not on the list. IPhones and Android software did not exist. The most important value for this process is to engage the business owner’s spouse, family and key advisors to help the owner create a plan that minimizes the family’s emotional and financial stress typically found during a funeral of a loved one.
From Jack’s view, business owners typically don’t plan for their early departure, and when decisions are left to their spouses and survivors, it usually impacts or harms the owner’s family and their employees negatively. How many times have you heard of a successful company decline into trouble when the owner suddenly dies? When a business owner and their spouse completely fills out our Sudden Death Checklist, their family, employees and/or trusted advisors can follow the decease’s intentions and quickly take the reins of the funeral and estate settlement process. By following the checklist, the surviving family leaders can stabilize the business and avoid concerns of business continuity and family harmony.
Our Sudden Death Checklist for Business Owners, Their Families & Employees is designed for estate planners and other key advisors to use our checklist to facilitate the discussions in an organized and thoughtful way. From Jack’s view,the owner’s key advisors work in isolation and don’t coordinate well with the business owner’s other advisors.He developed this checklist to engage other advisors as part of his strategy process, and to develop a comprehensive business succession plan. Our checklist helps trusted advisors coordinatewith other advisors, and the owner’s family, to customize the estate planning process. The goal is for business owners to engage their advisors to develop a carefully and thoughtfully prepared funeral and succession plan,to reduce the family’s emotional and financial stress in difficult times. It also designed to minimize the surviving family’s suffering during the funeral’s complex processes, and help their business retain the owner’s business and community legacy. When fully and correctly completed, this book should minimize the family’s emotional struggles with the hundreds of decisions and legal obligations required by the probate court and funeral process; as well as providing stability and peace of mind to the owner’s company and its employees. And more importantly for the business owner, it should ensure that his or her legacy continues without missing a beat; allowing for a smooth transition as he or she has planned.
