We all want to think of the future and its possibilities in a positive light. Unfortunately, we do not want to include our sudden demise or the demise of a loved one in our thoughts of the future. Coming to terms with preparing and planning for your death or the death of a loved one is a positive action. Death is always a hardship both emotionally and financially for families. Psychological experts assert that the impact of grief affects decision-making negatively. This means if you do not put the necessary plans in place, grieving family members will be left with the added stress of trying to handle it after you’re gone.
What to Put in Place Before Your Demise
Many people do not have a will, and the estate is left with no option but to decide who takes care of all you left behind. Your will names an executor, who should be guardian to your children, and what should happen to your properties. An executor is someone you trust to carry out all the instructions in your will. The executor can decide to resign his/her role. Therefore, it is wise to have a backup should your executor choose to decline. Your property is all you own alongside intangible things like insurance. Anything jointly owned with rights of survivorship cannot be delegated to anyone in your will.
Put All Legal Documents in Place
As you prepare for an unexpected death, it is important to organize all legal documents in a single place. Usually, people put it in safes and flash drives that can only be accessed after their death. Legal documents contain all legal agreements and documents needed to claim rights or ownership of whatever you have given to whoever. These documents could include birth certificates, marriage certificates, automobile titles, bank statements, investment statements, retirement account statements, property deeds, death certificates, insurance policies, social security cards, and more. Documents for recurrent expenses as well as debts in the form of mortgages, loans, and credit cards should also be included.
Review and Update Benefits and Insurance
Review the benefits that your family and friends get to enjoy based on your existing accounts and plans. Social security cards, life insurance benefits, pensions, and other benefits must be detailed in a document and communicated to the beneficiaries. Updating and reviewing your insurance to ensure all necessary documents for claims are in place after your demise is important. This is to make sure that your family gets the benefits they deserve. As with your will, you frequently need to check and update most of these documents to ensure your plans and benefits are enjoyed by your beneficiaries.
There are lots of documents to sort before your demise and dealing with them on your own can be difficult. Getting help from experts like a lawyer, insurance service provider, and financial advisor to put things in place for you is always the best course of action. At Weaver & Associates, we exist to come through for you as you put things in place for an unexpected demise. Consult us today to assist and make the proper preparations for your future.