The following post is written by Mike Pleming.
Let’s talk about death.
More explicitly, let’s talk about the economic shockwaves your passing inflicts on loved ones if your finances are messier than two monkeys having a food fight in the Lehman Brothers’ cafeteria.
While it’s natural to avoid facing up to your own mortality, it’s far from natural to inflict additional suffering on your immediate family after bereavement by failing to plan ahead.Indeed, research has found that less than a third of us will talk to our families about what we want to happen when we die – and only 37 per cent of us have bothered to write a will.
With the costs of funerals rising year on year – latest studies have shown that costs have risen 80 per cent since 2004 – it’s clear that depending on the benevolence of your family is far from a good plan.
To avoid a situation where you don’t get the send off you deserve and your nearest and dearest are whacked by financial and emotional buckshot’s, it’s vital to get your house in order now.
But how?
Sort Out Your Will
The last thing you would want after your death is for your family to squabble over your estate. After all, an emotionally raw time is hardly conducive to a civilised discussion about who gets what and why. Consequently, it’s important to have a will drawn up to set out how you want your finances divvied up among loved ones once you’re gone. Get in touch with a reputed and reliable trust and estate attorney who can help you analyze, plan, and form a legal estate plan including your will which removes all confusion regarding property division once you’re gone.
Having an updated will is about more than just money and assets – it’s an act of love for your family. A properly drafted will ensures your final wishes are carried out, prevents legal disputes, and provides peace of mind. Your attorney can guide you through designating beneficiaries, allocating specific belongings, naming guardians for minors, and structuring trusts if desired. They’ll ensure your will complies with all legal requirements in your state.
Perhaps most importantly, a will allows you to have frank conversations with loved ones about your intentions while you’re still around. This gives you a chance to explain the reasoning behind your decisions and hash out any potential conflicts before they arise. With everything properly documented, your family can focus on commemorating your life rather than arguing over an inheritance.
To have your will properly drafted and in place, consider consulting firms like Janelle Cremé (https://www.prosperattorney.com/) to find a reputable attorney who can assist you with the process. By working with a professional, you can ensure that your estate plan is comprehensive and tailored to your unique circumstances.
Purchase a Funeral Plan
Fancy organising your send off right down to the songs played at the service? Well, you’re in luck, as funeral plans allow your wishes to be honoured, right down to the tiniest detail, ensuring you receive a fitting farewell. Crucially, by securing a pre-paid plan, it means the cost of your funeral is frozen at today’s prices, as opposed to inflated rates years down the line.
Taking the time to preplan your funeral is a tremendous gift to your loved ones. It spares them from having to make very personal decisions about your final arrangements during an incredibly difficult emotional period. With a funeral plan, you can specify everything from the type of service, casket, flowers, music, readings, and more. This allows the ceremony to be perfectly tailored to your individuality.
Prepaying also lifts a significant financial burden from family at their most vulnerable. Funeral costs can easily run into the thousands once all elements like transportation, cremation/burial fees, obituary notices and other services are totaled. Locking in cost coverage provides invaluable reassurance that your family won’t be saddled with unexpected final expenses when the time comes. Preplanning your farewell is a compassionate final act of love.
Think About Organ Donation
Far from being a ghoulish thought, organ donation is one of the best ways you can help your fellow man after your death. Indeed, you can help up to eight people by donating your organs, while tissue, bone, corneas and tendons can help many more. One thing to take away from this? More than 400 people die waiting for an organ transplant in the UK each year.
Choosing to become an organ donor is an incredibly selfless act that can turn your loss into new life for others. Beyond just vital organs like the heart, lungs and kidneys, donated skin grafts can help burn victims heal. Bone and tissue donations facilitate orthopedic repairs and reconstructive surgeries. Even donated eyes can restore sight. With the persistent shortage of donors, you have the power to play a vital role.
The organ donation process is handled with the utmost care and respect. Medical professionals are dedicated to maintaining dignity for donors and their families during this profound gift of donation. By having the conversation with loved ones ahead of time and making your wishes known, you can provide your family with comfort knowing you helped others through your final act of generosity.
Consider Your Legacy
If you’ve dedicated much of your adult life to building your business from the ground up, ensuring its continued success beyond your lifetime becomes paramount. Exploring estate planning resources can safeguard your business and facilitate a seamless transition to the next generation or a designated successor. This may entail developing a comprehensive succession plan, establishing trusts, and identifying key stakeholders tasked with managing the business in your absence. By taking proactive steps to protect your business through estate planning, you can secure its legacy and ensure its ongoing prosperity for years to come.
That being said, keep in mind that while your financial legacy is evidently important, you should also consider the memories you would like to leave behind for your family after your passing. One of the best ways to cement your legacy is through a memory box, which can contain photographs and other personal effects designed to offer comfort to those you’ve left behind.
