Get your “Life go-Bag”

Building Your “Life” Go Bag: Be Prepared for Anything

I’m not much of a TV person, mostly because I find it fills the air without saying much. But when I do settle down for a show, I’ve got a soft spot for those British and American crime dramas — the detective ones that keep you on the edge of your seat. I like them engaging but not too intense. Do you ever notice in these shows that the bad guy or the secret agent always has a ‘go bag’? It’s this bag packed with everything they need for a quick escape — stacks of cash, fake passports, the works. They grab it when they need to vanish in a hurry, hoping for a new start. It’s all very dramatic and a bit romantic, isn’t it?

This got me thinking: why don’t we, the ordinary folks, have something like that? Not for fleeing the scene, of course, but for those unexpected twists life throws at us. So, let’s take this ‘go bag’ idea and spin it our way.

In my years as a chartered accountant, death has been an unfortunate but real part of the job. It’s not the stuff of TV dramas, but it leaves its mark all the same. The messiest part isn’t the grief (for the lawyer and accountant), though that’s tough enough. It’s the chaos from a total lack of preparation. I’ve seen everything from bitter battles over missing wills to families left in the lurch because they can’t get access to bank accounts. None of this was likely intended by the person who passed away. It was just a lack of planning, a sudden goodbye.

We don’t drive our cars thinking we’ll crash, nor do we leave home expecting to return to a pile of ashes where our house once stood. Yet, we insure them both, thinking, ‘it won’t happen to me.’ But life’s not as predictable. The one certainty we have (though often unacknowledged) is that our time here is finite. The ‘when’ is the unknown.

Running a business adds another layer to this. What becomes of your business if something happens to you?

If life goes as planned, you’ll wind down your business, retire, and enjoy life before the inevitable. This path allows for orderly management. But life isn’t always so accommodating. A sudden departure can catch everyone off-guard, creating a nightmare for those you leave behind. It’s not a great legacy.

So here’s my pitch: Take time to prepare your ‘go bag.’ The holiday break could be a perfect opportunity. Get your partner involved, too. Periodically review it. If life throws a curveball, you’re as ready as possible. It’s not just planning; it’s peace of mind.

To be ready for the unexpected, like a natural disaster or the death of a family member, it is necessary to have in place an individual ‘life go bag’. This unique set of items and important information must cater to your needs when dealing with an emergency. Here, you can find helpful tips on how customizing this kit and managing & storing it are best done so that one feels prepared if they ever need to use their life go bag due to such circumstances.

Key Takeaways

• This can be a low cost fix. It takes more time than money.
• Go bags are essential for emergency preparedness, containing items tailored to individual needs.
• Access to money and important data/documents is key in a go bag, providing access to resources during a crisis.
• Make sure your choices and directions are carried out
• Educating family members on the purpose and use of a go bag helps ensure everyone is ready for any situation.

Understanding the Importance of a Go Bag

A go bag is a must for any eventuality, whether it’s an emergency or bereavement. It could be sudden death or loss of faculties, temporary or permanent. It supports your life that you can’t have an active role in now. It provides the basis for the transition from where you are now to whatever the new circumstances are. It supports families, friends and businesses in managing the difficulties of sudden change by granting access to critical documents and resources. A go bag also enables quick evacuation and ensures businesses still function during distress.

Emergency preparedness for a business person and family person

In emergency situations, it is essential to have a go bag that is prepared with the necessary items. For families, this could include wills, memorandum of wishes, distribution of assets, and other essentials specifically designed for the remainder of the people. Business owners should also ensure they are well-prepared for continuity in case of the loss of involvement of a key person.

unexpected death response

In this traumatic time period, emotionally, people are overwhelmed. Emotional chaos starts. There is suddenly a void where you once were, and no one is doing what you once did. A blueprint of what to do must be ready when needed most.

effect on family, friends and business

A pre-made go bag is crucial for avoiding negative repercussions during and after natural disasters. It can save financial losses, reduce productivity decline amongst workers, provide confidence among co-workers, and give emotional support to family and friends when needed the most. It gives relief of mind knowing that someone else could benefit from such measures taken before any disaster or unexpected event occurs.

access to money

Access to financial support is crucial in any go bag, as it provides the capability of getting necessary items and services in an emergency. To ensure that money and assets will be safeguarded inside a survival kit, it may be as simple as ensuring other people have signing authority on bank accounts and that the bank is aware so they don’t freeze bank accounts. Banks usually freeze bank accounts of people with single signing authority within 24 hours of death.

Securing this type of backing with accessible funds makes sure you can handle your commitments promptly and meet immediate requirements for yourself or your family during crises while also ensuring necessary business commitments can still be met. An example would be making sure that there is someone else who can calculate and pay the wages for employees on your team.

business continuity

A go bag is an invaluable asset to guarantee the continuity of business operations during crisis situations by containing a range of work and personal items. By having it ready in advance for unexpected scenarios, disruption can be reduced greatly while maintaining essential activities even in moments of emergency. It may be as simple as a list of who does what in the event of a disaster. It’s like a disaster management plan around a person. Many agreements and operations in small businesses are by handshake and word of mouth. These may not be honoured in the same way if you’re absent. Maybe some of the important ones need to be documented along the way.

succession plan

Including succession planning in your go bag is important, as it guarantees that vital documents and data are at hand, allowing for an efficient transfer of duties and access to essential resources — a clear instruction of your wishes. Bearing in mind that you are the one that has the most intimate knowledge of your business, and you’re now not there. Succession planning for business owners is a big topic; we’ll cover it in other blogs.

An Enduring Power of Attorney document is legally binding and permits the person identified by the grantor (the one giving powers) to make decisions on their behalf should they become incapacitated while using those same enduring powers or forces.

data and information access

Access to key documents like insurance policies, financial records and contacts of attorneys are accessible in your go bag. The most common issue is unknown passwords — use a password vault program to create one and make sure you can pass access to that easily. This helps you prepare for unexpected crises by ensuring that everything required is at hand so that informed decisions can be made for your business and the well-being of your family.

Customizing Your Go Bag for Specific Situations

Appropriate personalisation is essential when constructing a go bag that caters to your individual needs. This includes developing checklists of crucial items, ensuring safe storage and access are provided for the supplies included in the kit, and seeking expert advice regarding this process.

Customizing your own emergency pack not only makes you ready but also brings relief, knowing all necessary resources will be at hand if ever faced with an unexpected situation.

Making Lists

Creating an exhaustive inventory of required information for a go bag takes some time, but it helps ensure you have everything you need when facing unexpected situations. Organizing and prioritising the items is advisable to feel confident that your kit will cover all scenarios.

Maintaining up-to-date contents in your go bag is key as well. This way, you can ensure that its content matches what’s required at any given moment by yourself or others nearby requiring assistance.

Once you manage to have worked out all the things you want in your go bag, it will probably consist of a bunch of checklists that you can review and make changes to on at least an annual basis so that it keeps up to date.

safe storage and access

Ensuring easy and secure access to the go bag is imperative for emergency preparedness. Choose a safe, reliable, waterproof, fireproof storage container that can be located quickly. Make sure your family is aware of its whereabouts as well. Everything needs to be organised and in order. The list may refer to important documents held by solicitors or in safe storage elsewhere.

involving advisors

By consulting specialists for advice when putting together a go bag, you can receive specialized guidance on the essential components needed and customize your gear to match your particular situation. Such advisors are capable of assessing risks in advance and advocating items to be included to use and sustain this survival kit more effectively. You can easily run your wishes past your advisors and question them to ensure they agree you are adequately prepared based on their expertise. You don’t have to be an expert in every field to have a great go-bag.

Go Bag Maintenance and Storage

Maintaining and protecting your go bag is imperative for being ready in an emergency. Its contents need to be constantly updated for changes in your life, preferences and how you operate.

It’s also essential to identify where to store the kit for easy access when it’s needed most. Thus guaranteeing you’re properly prepared should a crisis occurs, ie the most likely people who would still be able to function if something happens to you. It shouldn’t be just your partner as, for example, in the event of a vehicle accident, there is a high probability that they would be with you in the accident.

Regularly checking and updating items

It is important to check over and update the contents of your go bag regularly, at least twice every year. This review process ensures that all items are in good condition and that old products have been swapped out for new ones so they can be properly relied upon during an emergency.

ensuring it meets your current wishes

It is essential to routinely assess the content of your go bag in relation to current needs and desires so that it stays relevant when you face a crisis. Updating it with applicable items guarantees that all necessary supplies are available during an emergency.

wills, powers of attorney, key agreements and contracts

The right emergency plans will help your family prepare for unexpected events. These should include essential legal documents such as wills, powers of attorney and key agreements that can provide guidance and support if needed. Contracts could enable you to make decisions quickly in your best interests with assistance from the relevant emergency services when required. Taking these precautions beforehand ensures a better response during critical situations by helping everyone involved be more informed about their rights and options. Insurance must be checked at least yearly as part of your business processes. Your life keeps changing, so your go-bag needs to reflect that.

Building a Go Bag on a Budget

Creating an economical go bag can be accomplished by just starting. It doesn’t need to cost you anything but time. Sure, you may have to change insurance or update your will, and those things cost money, but there is a heap of other stuff you can do before taking those steps. Having advisors enact your wishes should be some of the last steps in getting your go-bag together. The closer you are to completion, the better you have considered all the options and are better able to tell your advisors exactly what you want, and that refinement will save time and money with them.

Prioritizing essential items

When creating an emergency kit on a tight budget, you should focus on obtaining the essentials. With careful decision-making and strategic choices, making an affordable yet reliable go bag is possible. Much of what is required in your go bag is the physical accumulation of all the stuff you need in one place, or at least a summary of everything in one place and a list of where else anything is kept.

DIY solutions, available apps and resources

For those looking to save money when putting together a go-bag, many online resources provide tips and techniques for do-it-yourself preparation. Effectively, you probably don’t need any of it. If you just take the time to sit and think and imagine death or incapacity and what you think would need to be done, then I’m sure you’ll have enough to work out to get you 90% of the way there.

Educating Your Family on Go Bag Usage

It is imperative to educate the family on the role and application of a go bag to be well prepared in an emergency. By emphasizing the importance of having such a kit and rehearsing evacuation drills with your family, they will develop familiarity and assurance when facing unpredictable events. You might be the breadwinner and the go-to person for all the money, but there are people in your life who would have a major effect if something happened to them. Image losing your partner when you have young children — how would you cope? Do you know their wishes? The loss of a loved one will derail your life.

Communicating the purpose of a go-bag

It is essential to explain the value of a go bag for your family members to guarantee they are knowledgeable and equipped for any type of emergency. Conversing about why having one is so important and what should be packed inside it will ensure that everyone in the family knows what measures must be taken if tragedy arises.

Practicing emergency walk-through drills

Your family needs to understand how and when go-bags should be utilized during an emergency by doing regular walk-through drills. Making the exercises exciting through role-playing in different places can effectively prepare everyone for any given scenario. You can do these on your own if necessary. It may feel a bit weird to talk ng about your own injury or death as morbid, but it’s a worthwhile exercise.

Encouraging significant family members to build their own go-bags

The safety and security of your family need to motivate those close to you to establish their own go-bags. By involving them in this procedure and providing resources and emergency preparedness information, loved ones can be encouraged to take responsibility when it comes to creating their own go bag. The most responsible and effective one is going to be your personal partner.

Collaborating within Your business

Business expertise, skills and knowledge sharing can enhance emergency preparedness to respond effectively in unforeseen situations. Through joint effort amongst colleagues while leveraging optimum practices, a company’s capacity to address emergencies increases drastically, as well as the consistency of business operations. Your business continuity plan is part of your business risk management, so let’s leave that for another blog.

Summary

Creating a go-bag -personal emergency kit is integral to planning for difficult times and unknown circumstances. Building this “life” go bag with pertinent, customized items can help protect your family and company from any eventuality. Updating it periodically and involving the people around you in the preparation are all essential today rather than waiting until disaster strikes.

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