A Daring Topic: 4 Things You Must Have in Order to Prepare for Your Death
by Efin Advisor | May 20, 2009
While the subject of death is probably lowest on the list of topics for polite dinner table conversation, it must be highest on the list for planning for your family’s financial future when you are no longer present. I don’t mean you need to discuss it in front of your children, the neighbors, or at a social gathering, but it’s essential to take the time to deal with what is the most certain of eventualities in the comfort and privacy of your home.
There are four things you must have in order to prepare for the day that you depart from this mortal coil.
Life Insurance. If you have children or a spouse who depends on your income to pay the mortgage and manage everyday living expenses, you must take the time to get an affordable life insurance policy that pays your family in the event of your death.
Whether it is a term life policy or a whole life policy with cash value, sufficient life insurance is critical to help keep your leaving from being an overwhelming financial burden for your family. A good life insurance policy pays out, upon your death, an amount that can be used in getting out of debt and fund future major expenses in life, such as college. You should have at least 2-3 times your income in your policy amount, but more is certainly not out of the question.
A Will. Preparing a will that instructs where you want your money and other items distributed is mandatory. When that fateful day comes, the incredible stress of not having a will forces those you care about the most to deal with the state bureaucracy when they try to obtain what you have left behind for them. The last thing that you want to do is to make life more difficult when you die. The funeral and all of the expenses thereof will be enough to handle.
Burial plot. This also comes along with having a will (although the two are separate items). Those who prepare for their death by having a burial plot picked out (or cremation orders set) and paid for are doing their families a favor. It is one less thing to have to worry about at a highly emotional time.
Finally, you must prepare to meet your maker. The religion question can be an important one for you and your loved ones. Being a religious person does not necessarily mean that you attend services every Sunday but that you have shared a spiritual sense of wonder and contemplation about life’s greater meaning with those who must someday see you having travelled to a different place. A spirital philosophy about God’s great plan can be a real comfort to those you leave behind!
What are your views on this sensitive subject? Perhaps a Blog like this is just the place to share your thoughts and stories.
One thing i’ve also thought to be important is preparing a living will. While a regular will is obviously useful, it is also important to consider possible health care considerations if you are put in a permanent state of disability. Y’all should talk to your lawyers about assigning a health care proxy or creating an explicit living will
Reply
Is picking out a burial plot really necessary? I mean, I can see the benefits to doing it, but I feel as though your family can take care of that when the time comes for it.
Reply
One bit of advice for everyone: UPDATE YOUR WILLS. Its not enough to write a will. You also have to update based on current facts and conditions. Everytime something major happens, just go doo it. You and your love ones will be more at ease if you do. Otherwise, there is a good chance you will leave something out
Reply