No one likes to think about the day they die or plan for that inevitability. The problem is that about 68% of Americans don’t have a living will to settle their affairs after they die.
The best thing you can do for your family before you die is to have a detailed will to help settle your affairs. But how do you come up with a well-thought-out will and testament?
We’ve put together our top 5 tips for end of life planning to help you get started. Keep reading to learn everything you need to know about estate planning.
1. Take an Inventory of All Your Assets
One of the first steps, when creating a death plan, is to take an inventory of all your assets. Include things like 401(k) plans, IRAs, cash in bank accounts, any physical valuable items, and any life insurance policies. Include bank account numbers and contact information for the firms that hold those accounts.
2. Detail All Your Debts
Another thing on your death planning checklist is to figure out how much you owe and to whom. Mortgages, credit cards, and loans should all get listed so whoever executes your will knows who to pay before dividing the rest of your assets.
3. Check Your Insurance Beneficiaries
When you signed up for life insurance, you put down someone as the beneficiary who would get the money if you die. It’s important to update that if you change your mind about who should get that money. Every couple of years, make sure you have the right beneficiary listed on your life insurance policy.
4. Find a Great Estate Attorney
You can find templates for death planning online that you can complete on your own. But, it’s better to find an attorney who can help you with your estate planning. A good lawyer keeps up on changing laws and knows how that affects your death plan.
5. Choosing Someone to Carry Out Your End of Life Planning
Even if you have a lawyer, you may also want to ask one of your friends or loved ones to help execute your will and final wishes. Make sure this person can keep a stable mental state following your death. Your spouse may not have the best mental state to deal with your final affairs.
The Most Important Gift You Can Give Your Family
Those you leave behind have the hardest time dealing with the loss of you. That’s why it’s important to make sure you leave your loved ones with as little stress as possible.
Keep these tips in mind as you write your will. That way, you can rest easy knowing that your family won’t have to struggle with your affairs.
We hope you enjoyed reading this article and that you learned some important tips about end of life planning. If you’re looking for more helpful articles about finances, business, and more, check out the rest of our blog today!