From making sure your funeral is covered financially to sorting out legal matters, here are some ways you can make end-of-life plans.
A peaceful, dignified death is something we all desire for ourselves and our loved ones. Therefore, planning ahead can provide you with peace of mind when the time comes. It’s not easy to manage the fear of dying or the uncertainty of it but knowing that the details are taken care of in advance can ease some of the worry.
Create a will
When someone dies, it can be a financial nightmare for those left behind. make sure that you have a will and that it’s kept up-to-date as your circumstances change. A will is particularly important if you share assets with a partner. Having a will in place will make it clear who looks after your estate, ensure your loved ones are provided for financially and where any significant assets you may have will go. It can also alleviate any potential conflicts among family members.
Decide what type of funeral you want
The type of service you want when you pass away can be determined before you die and, in fact, deciding this in advance can make financial sense as well as taking the burden off your loved ones.
Perhaps you want a traditional burial service or maybe you want a simple direct cremation – the decision is up to you. They’re your end-of-life plans. It can help to discuss these details with those who will likely be handling the arrangements, so that they are aware of the type of service you’d like to honour your life. Some things to discuss with them include the type of funeral as well as any religious elements, readings, music and whether you want flowers.
Make a financial factsheet
Often, it’s not until someone dies that those left behind realise that there are financial decisions that they haven’t had to deal with before. From handling the bills each month and making sure the mortgage is paid on time, renewing insurance policies or maybe it’s organising MOTs for the car to keep it in check.
If you’re the person who deals with the majority of the decisions in your household, it can help to teach those who live with you how to sort these things out before you pass. It can be beneficial to create a financial factsheet or complete a life book that will arm your partner or kids with the information they need to handle these things once you’re gone.
Plan for incapacitation
It can be uncomfortable considering the possibility that you might become incapacitated through a stroke, dementia or an accident.
But if this happens, you might not be able to make decisions for yourself, at which point it can be too late to make end-of-life plans. Arranging a ‘Lasting Power of Attorney’ document when you’re still in healthy makes good sense. It’ll avoid the huge legal and financial implications of doing it later in life. This will give you the opportunity to nominate a trusted person to handle your affairs if you lose the mental capacity to do so.
Consider life insurance
Many people leave life insurance until much later in life, by which point it can be incredibly expensive. Especially, since medical history and age are factored into the cost. But if you have younger dependants, it’s worth considering early on to protect your family’s income if you pass away. There are various types of life insurance policy to choose from and factors that will affect the cost. It’s important to do your research when choosing a policy and a trusted, reliable provider.
Final thoughts
No one likes to think about passing away and leaving their loved ones. In making an end-of-life plan, you can cover the main details ahead of time so that your family and friends have less to deal with when you’re gone. From making sure they’re provided for if they rely on your income to planning who significant assets will go to. You might want to ensure the funeral you have is one that honours your wishes. Planning for your death can provide you with the confidence that you’ve considered all options carefully.
Feature image credit: Ryan Crotty / Unsplash
