PHASE VI: Protect Assets
insurance and estate planning is critical to ensuring your money goes where you expect
Stage 6: Protect your assets through the use of insurance and key estate planning documents.
Step 18: Carry adequate insurance
Use Insurance to protect your assets from loss. Play good offense (make a lot of money) and good defense (spend little and protect what you have).
Life insurance is particularly important if you have individuals that are dependent on you for survival. If not, it may be unnecessary.
Insurance is complicated. Consult with a trusted professional to secure the right coverage.
Step 19: Create key Estate Planning documents
Ensure your wealth is transferred to those you wish, in the manner you wish, with as little cost as possible. Use these documents. You may begin with standard templates from books, websites or other sources. But use a lawyer to finalize these important documents.
Step 20: Review and adjust all steps regularly (for the rest of your life)
These steps are meant to be taken as a cyclical process, to be continuously evaluated, refined, adjusted and repeated.
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