NowICanLive
Home
Question
Reports
Now I Can Live Challenge
1) I have banking and/or investment assets with the following number of institutions.
One | A | AB
Two | B | AB
Three | C | CDE
Four | D | CDE
Five or more | E | CDE
2) I have a written investment strategy outlining how my investments should be managed and it has been reviewed with my financial advisor in the last 2 years.
Yes. | A | A
I have a written investment strategy but it hasn’t been reviewed in 2 years. | B | B
No, I do not have a written investment strategy. | C | C
I have a verbal understanding with my financial advisor. | D | D
Yes, I have a written investment strategy that is current, but I manage my own investments. | E | E
3) I have a documented business succession plan that accurately reflects my current wishes and takes into account my family, employees, and customers in the event of my death, incapacity, or sale of my business.
Yes, in all areas referenced. | A | A
Yes, in some areas referenced. | B | B
I have verbally expressed my wishes. | C | CD
No, I do not have a documented business succession plan nor have I verbally expressed my wishes. | D | CD
I am not currently a business owner of an active operating company. | E | NA
4) I understand how my citizenship and country of residence may impact my financial affairs from a tax, insurance, and estate perspective.
Yes, in all areas referenced. | A | A
Yes, in some areas referenced. | B | BC
No. | C | BC
5) I have a current Will that accurately reflects my wishes for when I die.
Yes. | A | A
I have a Will but it is not current and/or accurate. | B | BCD
I do not have a Will, but I recognize I should have one. | C | BCD
It doesn’t matter – I intend to spend every last cent. | D | BCD
6) I have a current Enduring Power of Attorney in place to handle my financial and/or business affairs according to my wishes should I lose mental capacity.
Yes. | A | A
I have a Power of Attorney but it is not current and/or accurate. | B | BCD
I do not have a Power of Attorney but I recognize I should have one. | C | BCD
I do not have a Power of Attorney and I believe I don’t need one. | D | BCD
7) I have taken the appropriate steps to prepare and educate the beneficiaries of my estate so they can effectively manage their inheritance.
Yes. | A | A
No. | B | B
Not applicable. | C | NA
8) I am confident that I have the most effective tax strategy in place for my current circumstances and that my financial advisor and tax advisor have collaborated to execute the plan.
Yes, I have a strategy in place and my advisors have collaborated to execute the plan. | A | A
Yes, I have a strategy in place but I am unsure if my advisors have collaborated. | B | B
Yes, I have a strategy in place but I do not have a financial advisor and/or a tax advisor | C | CDE
No, I do not have a strategy in place and my advisors have not collaborated. | D | CDE
No, I do not have a strategy in place and I do not have a financial advisor and/or a tax advisor. | E | CDE
9) I am aware of how much my current investment portfolio could drop during major market crashes.
Yes and I am comfortable with this risk. | A | A
Yes but this weighs on my mind. | B | B
No but I would find this helpful. | C | CD
No but I am not concerned. | D | CD
Not applicable due to my investment holdings. | E | NA
Not applicable for other reasons. | E | NA
10) I have explored with an insurance/estate advisor how an insurance strategy may address my current overall needs and objectives (e.g. life, sickness, tax, business, estate, etc.).
Yes and this is in place. | A | ABC
Yes, this planning is currently in progress. | B | ABC
Yes but this was not appropriate for my circumstances. | C | ABC
No. | D | DE
No, I don’t believe in insurance. | E | DE
11) I have adequate liability and property insurance to protect my assets (personal and business) in the event of a major claim.
Yes. | A | A
Unsure as I have not reviewed my coverage recently. | B | BCD
No, I do not have adequate coverage. | C | BCD
I do not have any insurance. | D | BCD
12) I know what my annual retirement income needs/objectives are to sustain my desired lifestyle including non-annual expenses (e.g. vehicle replacements, renovations, once in a lifetime trips, etc.).
Yes, I have calculated my annual retirement needs. | A | A
Yes, I have given some general thought to this but I haven’t gone through any specific calculations. | B | B
No but this is probably something I should do. | C | CDE
No, I’ll figure it out at the time of retirement. | D | CDE
No but I feel I am too far away from retirement to spend time figuring this out now (i.e. 20 years or more until retirement). | E | CDE
13) I have a detailed written financial plan that demonstrates I will have enough assets to last throughout my retirement.
Yes. | A | A
Yes, I have a written financial plan but I am not confident I will have enough assets to last throughout my retirement. | B | BCD
No, I do not have a written financial plan but I know my wealth will be enough to last throughout my retirement. | C | BCD
No, I do not have a written financial plan and I am certain I will not have enough assets to last throughout my retirement. | D | BCD
14) I have an all-inclusive document that incorporates the following (check all that apply):
Income plan | A
Tax plan | B
Investment strategy | C
Cash flow requirements/savings plan | D
Retirement objectives | E
Listing of all assets and liabilities | F
Details of insurance policies (e.g. life, disability, critical illness, etc.) | G
Details of property and liability insurance policies | H
List of legal documents and where they are held (e.g. Will, Power of Attorney, etc.) | I
Contact information of all current advisors (e.g. accountant, financial advisor, lawyer, insurance advisor, etc.) | J
15) I am confident that I am receiving proactive and personalized advice from my current wealth advisor (whoever you deem that to be).
Yes. | A | A
Yes, I am receiving proactive advice but I am not certain it is specific to my individual needs. | B | B
Unsure because I am usually the one to initiate contact with my wealth advisor. | C | CDE
No, I am not receiving proactive and personalized advice. | D | CDE
No, I do not currently have a wealth advisor. | E | CDE
