How Preparing For Death Helps You to Live
How Preparing For Death Helps You to Live
Nobody likes to think about what will happen when they die: most people are far too busy having fun and living their lives to the fullest. Death is an uncomfortable topic and a difficult thing to talk about: that is no doubt why 55 percent of American adults don’t have a will or other estate plan in place for when they die. But the fact is, many seniors simply aren’t financially prepared for when they ultimately pass away, and this could cause real problems for their families, friends, and loved ones in the long term. Financial disorganization when an individual dies can cause stress, huge amounts of frustration and even thousands of dollars of unnecessary costs to those left behind. Although it may feel uncomfortable, it is important to be financially prepared for when you pass on, in order to provide peace of mind both for yourself and for your family.
What You Should Do Right Now
One of the most important things that every senior should do right now, if they haven’t done so already, is write a will. Not only should this stipulate who you would like to take control of carrying out your instructions when you are gone, it will also enable you to ensure your spouse or partner is financially protected: Be sure your spouse’s name is on all relevant bank accounts, mortgage or property documents, stocks and bonds, and that they are the named beneficiary on all of your retirement accounts and insurance policies. Remember that if it has been a decade or more since you last wrote a will then this document could well be considered out of date, so it would be wise to seek financial advice and, if necessary, either update or rewrite the document.
Many of us are guilty of financial disorganization: of failing to file our paperwork properly, or of having filing systems impossible for anyone else to understand. However taking the time to do something as simple as organize this paperwork on a rainy afternoon will save weeks of heartache and distress for your family during those first emotionally charged months after your death. This can also help to avoid conflict and disagreements between your loved ones during that difficult time.
Other Important Considerations
If you don’t have the financial means, in terms of physical assets, to cover the cost of your funeral and other expenses, or if you wish to leave a little extra for your family when you pass on then it might be the right decision for you to consider purchasing life insurance; the older you are the higher the annual premiums will be, but even for seniors already in their twilight years, term life insurance policies can be competitive and will help you loved ones to avoid incurring any large expenses (and running the risk of getting into debt themselves) in the event of your death.
Seniors who are particularly concerned about ensuring that their family and loved ones don’t incur any expenses when they die may wish to consider prepaying for their funeral: this serves the dual purposes of ensuring you are financially prepared and that your funeral is exactly as you want it to be, because you have prechosen all of the options involved.
A Weight Lifted
Having these financial considerations in place can actually help you live a fuller and more enriching life, as it frees you from the emotional and financial burden of having to consider what will happen when you ultimately pass on, and what impact this will have on the people that you love. Thinking about death can actually cause many seniors to focus their resolve on living every day to its fullest. Being financially prepared won’t only enrich your wellbeing, but their wellbeing too: there will be no concerns about how they will pay for funeral expenses, or discomfort amongst siblings surrounding inheritance amounts, for example. Financial control breeds emotional freedom.
Once you have written all the relevant documents, you can take a step back and get on with enjoying living your life, safe in the knowledge that when the time eventually comes your loved ones will have everything they need, and the process will be as easy for them as possible.
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Thank You to Our Guest Blog Writer:
Helen French
BLOG Date: Thursday, July 21, 2016