Even if you are not in your final days of life, it is never too early to start thinking about the end. Planning for decisions before the end of one’s life is important because it will help ensure that you have everything situated and ready before time runs out.
This blog post will discuss an end of life planning guide and making the crucial decisions while there is still plenty of time left on this earth.
The first thing that you will want to do is make a will. If not already done, this can be accomplished by working with an estate planning attorney in your area. The purpose of having a will is that when you pass away, the right people or organizations receive your possessions or money.
It may seem like it would be easier to leave this up to your children, but many things can go wrong when you do not have a will in place. For example, what happens if the child who claims their parent’s estate is someone else?
What if one of your kids gets sued for something they did with an item from the family home after you pass away? Who will be responsible for taking care of your pets or other animals you have in the house at that time? So many different things can happen if a family member is not ready to manage an estate.
It would be best to list what heirs you want to receive specific items from your estate, such as who gets which car or receives any particular jewelry. Also, it would help if you listed out how any debt leftover from your estate will be paid off and who gets to keep the remaining money after all debts have been settled.
Another good piece of advice for those planning a will or writing one up already is to tell someone outside of their family about it so they can help if questions.
After a will is made, it is time to start thinking about financial arrangements. Financial matters typically need to be put in place while there is still plenty of time left on this earth, which means you do not have as much pressure as those who already know they only have months or weeks left before the end of life.
When working with financial arrangements, you will want to list out who the beneficiaries are for any of your assets. You can do this with a bank or other financial institution or even an attorney if needed.
Also, it is crucial to settle your debts before you pass away. There is no point in burdening your family and loved ones with debt after death. Ensure to list out where all the money currently owed on things like mortgages or credit cards will go towards payment before it can be passed on to heirs or anyone else who may have some claim.
Finally, funeral plans should be made. Many things can go wrong when burying a loved one, so make sure you have everything in place before your time runs out. You can reach out to places like GoodTrust for any additional information.