We never want to think about what would happen if we’re not around: would our family be okay financially, have we left our affairs in order to make things emotionally easier, and would our burial be conducted according to our own wishes? These are things that may sound simple, but if left to be decided after your own death, things can end up becoming complicated and emotionally draining for your family who ends up dealing with those tough decisions. As such, I suggest leaving all your affairs in order now so that you can have peace of mind that everything will be done as you wish with as little strain on your loved ones as possible.
1. Set Money Aside for Your Funeral
Funerals are expensive, often costing more than a few months salary. This can be a devastating sum if your family is not financially prepared. A headstone is not the only cost; you’ll have to pay for the service, transport, storage, florals and catering and so on. Of course the total cost will depend on the style of the funeral, but they tend to be a lot more expensive than we expect. It’s a good idea to plan a head, either purchasing special insurance for this or having a specific savings account dedicated to such expenses. The last thing you want is to leave your family worrying about finances when they’re overwhelmed with grief.
2. Make a Will
A will is a good way to ensure that your assets are divided exactly how you would like. Perhaps you want some of your money to go into a trust fund for your children, or towards a charity that you really believe in. No matter how you want your assets and savings divided, the most important thing is having a clear so that there’s no ambiguity or fighting.
3. Outline Funeral Requests
Perhaps you want to be cremated or buried. Maybe you’re interested in being an organ donor, but your parents are strongly against it. Whatever your personal preferences are, make sure they are clearly outlined and discussed with your family members so your wishes can be honoured.
4. Consider Using Trusts to Properly Protect Assets
Trusts can be a great option in order to protect assets, particularly properties, when they’re being passed down through generations. This is a good thing to discuss with your lawyer, in order to see if your family would benefit from using trusts.
Obviously thinking about your own passing isn’t the best way to spend your free time, but investing a little thought into this topic can save your loved ones a whole lot of worry and stress in future.