It is never a nice or easy topic to discuss but it is one that requires considerable planning and consideration nonetheless. The better prepared your finances are the easier it will be for those left behind. Those who are also dealing with grief. To help you get your finances in order, here are some steps you can take.
Write a will
If you want your money or estate to be used or gifted in a certain way then writing a will is imperative. A will should be clearly written and lay out your wishes in no uncertain terms. Your will should include information such as who will inherit your wealth and assets and provisions as to who should be responsible for your children or pets, where relevant.
Without a will, it could result in your family or loved ones struggling to gain access to your finances and result in them losing control over how your wealth is distributed. This could cause undue stress on family members and result in your true intentions and wishes not being met. If you need help drafting a will then it is advised that you seek professional advice.
List your assets
To help those dealing with your will, wishes and assets after your death it is a good idea to itemise all of your assets and include their location or any relevant information that may be needed to gain access to them. Examples of items could be jewellery, watches, art, collectables or technology. If you have stocks and shares, savings, pensions, life insurance, or investments, then it is important you provide all of the information that is needed to access these finances.
The same applies to any debts. Your lists should have a separate column for any debts you may owe. This could include credit cards, loans, mortgages, and finance agreements. All of this information should be collated and available for those who might need it.
Finally, be sure to make copies of these lists. Digital ones.
Financial planning after your death can become a complicated matter, especially if you have a large estate or complex wishes. What is more, there may be tax implications for those who inherit your wealth. In situations such as these then it is advised that you undertake financial or legal advice. Firms such as Accuro Maxwell specialise in estate planning and will be best served to provide you with the information and advice you need.
Pay for your funeral
This isn’t something everybody wants to do in advance of their death but is nonetheless something that is becoming more commonplace. By arranging and paying for your funeral before the event you will be releasing grieving family members of the burden, both financially and emotionally. Funeral arrangements can become expensive so it may be that you can opt to pay for your funeral monthly. It also gives you the opportunity and control to plan the funeral exactly how you want it to be.