Identifies risks and lists factors that may affect your transition plan including death, disability, divorce, illness, or business downturn.
- Explains what will happen and who will ensure implementation in adverse situations.
- Incorporates steps to avoid/mitigate the risks (e.g. wills, life and disability insurance).
- Allows for this contingency plan to be updated from time to time (if necessary).
- Considers what the formal agreement should look like