Emergency Plan

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Watch the recording of the live presentation of "Emergency Plan Workshop" available on:

https://learntoberich.com/emergency-plan-workshop/

Mark this task as complete once you've watched it.

ClassesEmergency PlanUltimate Nomad ChecklistWeek 50

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Watch the recording of the live presentation of "Warning: The Dangers and Risks of Real Estate" available on:

https://learntoberich.com/warning-the-dangers-and-risks-of-real-estate/

Mark this task as complete once you've watched it.

ClassesEmergency PlanUltimate Nomad ChecklistWeek 21

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Create your own "Emergency Plan" assuming you won't be able to talk or tell your Emergency Contacts any more than what you have written down, documented.

Once you've completed your own "Emergency Plan", mark this task as done.

Emergency PlanUltimate Nomad ChecklistWeek 50

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With the help of your Attorney create a Will that will document who is responsible for taking over should you die.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Determine who your Primary Emergency Contact will be.

You'll need their name, address, phone and email.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Email or call your Primary Emergency Contact for your Emergency Plan to tell them where your Emergency Plan is located and how they can access it should something happen to you.

Emergency PlanUltimate Nomad ChecklistWeek 51

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While having your Primary Emergency Contact listed in your business Operating Agreement will give them the ability to step in and manage your business should something happen to you, they may need a Limited Power of Attorney to manage your personal affairs.

With the help of your Attorney give your Primary Emergency Contact a Limited Power of Attorney so they can handle your affairs should you become injured or incapacitated.

Emergency PlanUltimate Nomad ChecklistWeek 51

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With the help of your Attorney, add your primary Emergency Contact to your LLC Operating Agreement as who takes over as manager in case you're injured, incapacitated or die.

Let them know they're to take over as manger if something happens to you.

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Emergency PlanLLCUltimate Nomad ChecklistWeek 50

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Make sure your primary, backup and third Emergency Contact all know the others. Send each of them the other's contact info in case there is an emergency for you and they need to contact each other.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Make sure your Primary, Backup and Third Emergency Contact all know your Attorney's contact info.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Create your own "Emergency Plan Summary" sheet and tell your Primary, Backup and Third Emergency Plan contact and your Attorney where it is located. For example, you might have a copy of it in your safe in your home and you have a key to the safe on your primary keychain.

The "Emergency Plan Summary" should list the following information at a minimum:

  • Name, address, phone and email of your Attorneys
  • Name, address, phone and email of your Primary, Backup and Third Emergency Contacts
  • List of all your properties (rentals and owner occupied)
  • List of tenants in each property and where to find their tenant file
  • List of all your bank, savings and investment accounts with account numbers, logins and passwords
  • List of all your LLCs, trusts and other entities, what is in each and who is to run them should something happen
  • List of all your mailboxes and where the key is to each
  • List of all your email accounts and password for accessing each
  • List of all your insurance policies and the Insurance Agent for each
  • List of all your Powers of Attorney, who they're with and where to find each
  • Location of your Will
  • If you've buried or otherwise hidden any treasure, a map or at least clues as to where to find it
  • Your preferred referral list for all your contractors and professional advisers
  • Documentation on your key business processes (how to run your business if you're not there)

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Store an off-site backup of your "Emergency Plan Summary" sheet in case of fire, floor or other issue with your primary copy of your "Emergency Plan Summary" sheet.

Example might be you store your primary "Emergency Plan Summary" sheet in your locked safe in your office. You could keep a backup in your safe at home.

Another example might be you store your primary "Emergency Plan Summary" sheet in your locked filing cabinet at home and your Attorney has a second copy in his locked filing cabinet in his office.

IMPORTANT NOTE: My personal Attorney suggested NOT using a safe deposit box as they can be hard for your Emergency Contacts to access should something happen to you.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Sit down and go over your entire Emergency Plan with your Emergency Contacts so they're familiar with it and how it is setup.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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Make sure you update your "Emergency Plan Summary" sheet yearly.

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Emergency PlanUltimate Nomad ChecklistWeek 50

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