What personal and financial continuity plans should a multifamily office maintain for a family emergency?
A multifamily office should maintain one current emergency plan covering people, information, money, property, and decision-making. Name who communicates with relatives, contacts advisers, and approves urgent payments. Store essential records securely in paper and digital form. Review the plan with the family and update it when circumstances change.
Personal continuity
Start with a family communication plan. List each family member, medical provider, school, caregiver, household employee, and key adviser. Choose an out-of-area contact and two meeting places, one nearby and one outside the local area. Give every adult a wallet or phone copy, and keep a printed copy at home. Ready.gov recommends practicing the plan and reviewing it regularly. Ready.gov family communication guidance
The plan should cover evacuation, shelter, transportation, pets, prescription medicines, mobility needs, and care for children or older relatives. Assign one person to confirm everyone’s safety and another to coordinate with the office. Keep a short emergency card with addresses, phone numbers, allergies, medications, and preferred hospitals.
Financial continuity
Create a family emergency financial file modeled on FEMA’s Emergency Financial First Aid Kit. Include identification, insurance policies, investment and bank contacts, tax records, property records, wills, trusts, living wills, and medical and financial powers of attorney. Keep current copies in a secure cloud location and in a protected portable file, with access limited to named people. FEMA Emergency Financial First Aid Kit
Set aside accessible cash for likely immediate needs. FEMA advises keeping some cash with the emergency kit because banks or ATMs may be unavailable. Keep a separate list of recurring bills, loan payments, payroll, insurance premiums, and utility accounts. The office should know which payments can be paused and which must continue. FEMA financial preparedness guidance
One thing that none of my clients had ever thought about doing is to have an instructional document so that if something happened to you today and you died today, you not just have a will and an estate plan, but you actually have an instructional document of how do you access your crypto? How do you access your 529 plan?
Office actions and review
Set a simple chain of authority. Name the person who leads during the emergency, the backup, the person who communicates with family members, and the person who works with banks, insurers, attorneys, and property managers. Record signing authority and secure contact methods. Use a written log for major decisions and payments.
Review insurance limits, deductibles, beneficiary designations, and contact details. The CFPB recommends gathering account numbers, storing records safely, and checking insurance coverage before a disaster. Consumer Financial Protection Bureau preparedness guidance
Run a short tabletop exercise at least once a year and after major changes such as a death, marriage, birth, move, new property, or change in advisers. Update the plan, replace expired documents, and confirm that each responsible person still agrees to the role.
Related guides
- Family Governance With a Multifamily Office
- Access to Alternatives Through an MFO: A Practical Guide for Families
- Cross-Border Families and Multifamily Offices: A Practical Guide