Although no one likes to think of their own death, everyone knows they are going to die sooner or later. While we all hope it is "later", we should put our affairs in order for the benefit of our loved ones. Good planning can make it much easier for those you leave behind. This will also help to ensure your final wishes are carried out, including your wishes for your memorialization and laying to rest of your physical remains.
All too often, when a family member dies, relatives have no idea where the deceased's important papers are located. As a result, this creates an additional burden on your grieving loved ones. By putting our affairs in order, great comfort can be achieved by knowing that advance planning for the in can simplify the necessary responsibilities our family members will be required to handle.
It is important to put these documents in a safe and easy to find place. Your loved ones should be advised of the location of these documents so they can be readily accessed after your death. If you don't feel comfortable telling someone where they are, you should put them somewhere you know people will look in the event of your death.
Below is a checklist of items to consider. All may not apply to your situation.
- Should you become incapacitated, have a living will to inform your next of kin on what your wishes are. By creating a living will this instrument will appoint someone of your choice to make decisions regarding life-sustaining medical care in the event of your incapacitation. This might include determining a durable power of attorney: this is given by you to a person of your choice to make medical decisions on your behalf if you are unable to communicate.
- Have a will and keep it up to date. Preparing a will can be as easy as using an online service. Others prefer to conference with their attorney to draft a list of their final wishes, i.e. burial preferences, asset allocations, etc.
- Purchase life insurance if you want to provide for your spouse, children, partner, or other dependents
- Gather all your important papers and put them somewhere safe and easy to find. This will need to include information such as your social security number and mother's maiden name, as these are items that most state's death certificates request.
- Fill out a Final Wishes Planner to spell out your assets and wishes for those you leave behind.
- Keep an up-to-date inventory of your financial assets and debts, such as:
- Life insurance policy or policies
- Pensions
- 401k, IRA, Roth IRA, Keogh, etc.
- Social Security benefits
- Medical insurance coverage
- Veterans benefits
- Checking and bank accounts
- Brokerage accounts
- Certificates of Deposit
- Stocks and bonds
- Property/Real estate holdings
- Miscellaneous investments
- Other assets such as jewelry and art work
- Mortgages
- Home equity loans
- Other insurances such as: automobile, property, accident, travel, medical
- Credit cards
- Other miscellaneous debts such as property tax, liens or other documented personal loans to friends or business associates.
- Keep this list with your important papers and ensure it is in a place that will be known to your beneficiaries.
- Make sure that the beneficiaries are up to date on any life insurance policies, retirement accounts (e.g. 401k) or pensions that you have.
- To avoid conflict amongst members of your family and friends, list out any household items, such as jewelry, furniture, photos or portraits which you wish to leave to someone in particular. Another idea is to put small labels on items with the person's name.
- If you have under-aged dependents or pets, designate a guardian. If you're married, you still may want to do this, in case you and your spouse may become deceased at the same time.
- Plan your funeral or at least spell out your wishes. You might want to include some personal thoughts and memories. You may consider this to be frivolous, but when you are gone, your loved ones will treasure knowing that you took the time to write down these things.
- Remember to leave contact information regarding friends, business associates, organization memberships, your financial planner, insurance agents and attorney or attorneys.
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