Readiness Assessment — Generational Capital Group

The Readiness Assessment

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The legal documents that decide what happens to what we've built — will, trust, powers of attorney, healthcare directives.

Nothing is in place We've talked about it, but nothing is signed They're signed, but haven't been reviewed in three years or more They're signed, current, and the people named know they're named

If I were unavailable tomorrow, someone could locate every account, policy, and entity without me.

No one could reconstruct it It's accurate, but it lives in my head There's a written record, but it's out of date There's a current written record someone else could follow

Our coverage has been looked at against what it's actually meant to protect.

I'm not certain what we carry, or why We have coverage, but it's never been looked at against our situation It was looked at when we bought it, but not since It's revisited on a set rhythm as our situation changes

How our accounts are titled, and who is named as beneficiary, matches what our legal documents intend.

I don't know what our beneficiary designations say They exist, but no one has checked them against our documents They were checked once, when the documents were drafted They're checked against the documents whenever either one changes

I can state the one purpose every financial decision in our family should answer to.

I haven't defined it I have a sense of it, but I couldn't put it into words I could state it clearly, but it isn't written anywhere It's written down, and our decisions are tested against it

What happens to the thing that produces our income — a business, a practice, or the assets themselves — is documented.

Nothing is documented There's an intention, but nothing written It's documented, but it hasn't kept up with how things have changed It's documented, current, and the people affected know the plan

My family understands the direction I'm building toward.

We haven't had that conversation They know pieces of it I've explained it, but we've never sat down together on it We've discussed it as a family, and they could explain it back

The next generation is being prepared to steward what they'll one day receive.

We haven't started I intend to, but I haven't begun I involve them informally when the chance comes up There's a defined approach, and they're participating in it

The professionals our family needs — accountant, attorney, financial advisor, insurance professional — are in place.

We don't have any of them We have one or two Most are in place, but there are gaps All four are in place and engaged

The professionals who serve our family work from the same picture of our situation.

They've never spoken to one another They know of each other, but they don't coordinate They talk when a specific issue forces it They work from one shared plan, and someone keeps it current

There's a written plan for the next twelve months, with specific owners and dates.

No written plan exists There's a mental list, nothing written There's a written plan, but no owners or dates on it There's a written plan with named owners and deadlines

We review results against the plan on a set rhythm, and adjust.

We don't review in any regular way We revisit things only when a problem appears We review once or twice a year, informally We review on a set cycle, measured against the plan

These last three are different. They aren’t about what you’ve built — they’re about what sits with you.

I'm working hard, but I couldn't say what all of it is ultimately building toward.

Rarely or never Occasionally It comes up often It's on my mind most weeks

I worry that what I'm building may not last beyond me.

Rarely or never Occasionally It comes up often It's on my mind most weeks

I feel responsible for more than I have structure around.

Rarely or never Occasionally It comes up often It's on my mind most weeks

A few details

A few details about your situation. These don’t change your result — they make your next step specific to your family.

Which of these describe your family?

Select all that apply.

A closely held business or professional practice Real estate beyond our primary residence Holdings in more than one state or country A blended family A family member who will need lifelong support Significant assets that aren't easily sold None of these

How many legal entities does your family hold?

LLCs, corporations, partnerships, trusts.

NoneOneTwo or threeFour or more

How many independent licensed professionals serve your family today?

NoneOneTwo or threeFour or more

Which of these are likely for your family in the next 24 months?

Select all that apply.

A business sale, transition, or ownership change A liquidity event or significant asset sale A parent or older family member who will need support A child or grandchild entering adulthood or the business A recent health event in the family An expected inheritance or transfer into the family None of these right now