3 minute read
Planning Ahead –Estate and Personal Matters
It’s never easy losing a loved one. The period after the loss of a close family member feels like a dream or an alternate state of reality. Numb with the recent loss, we hurry around making funeral arrangements, procuring legal documents, and greeting family and friends with a smile, wishing we were seeing them under different circumstances. It isn’t until this flurry of events is over that we can properly grieve.
It’s exhausting. And we need time to process the loss of a life that was so dear to us. But there may be one more thing holding us back from getting to that state of grief. If our loved one was the lone survivor of their estate, the burden of dividing their assets, sorting through financial information, and tending to the remainder of their estate falls to us. Within the past few years, I’ve witnessed my own family go through the task of sorting out the estate of passed loved ones. Before my grandmother passed, she had everything arranged, her burial account ready, her documents organized, her will signed, and her wishes clearly stated. She had talked with her children
about what she wanted, where things were, and how she wished for things to be in the end. There was no stone left unturned. So much, in fact, that when my aunt went to get the outfit my grandma requested to be dressed in for burial, she found a baggie of undergarments pinned to it. We all smiled at this detail, picturing my grandma, always the planner, ensuring no difficult decisions fell to her family. This is a great example of how good estate planning can ease the burden on surviving family members. Though thinking about your own mortality may not be easy, it is important. It’s never too early to begin the process of planning how to distribute your assets and property. Keep organized and keep your appointments. Set up a meeting with your family members and be transparent with them. Tell them your plans, and who you’ve named as beneficiaries, power of attorney, and so forth. There are a few steps you can take to get a head start:
MAKE A WILL.
This document states how your assets and property will be divided upon your death and also names a guardian for any minor children. It can be very basic, but is legally binding and can ensure your wishes are carried out.
MAKE HEALTH CARE DIRECTIVES.
If you become unable to make medical decisions for yourself, it is necessary to have a health care declaration (“living will”) and power of attorney for health care. These documents allow a person of your choosing to make medical decisions for you if you become incapacitated.
CHECK YOUR BENEFICIARIES.
Make sure your bank accounts, retirement plans, stocks, bonds, life insurance, and other accounts are updated with the beneficiaries of your choice.
HAVE FINAL ARRANGEMENTS MADE AND KNOWN TO YOUR LOVED ONES.
Set up a payable-upon-death account for funeral expenses and discuss final arrangements with your family members. Details such as burial versus cremation, and organ or body donation need to be known by the family members responsible for funeral planning.
LET YOUR EXECUTER KNOW WHERE YOUR DOCUMENTS ARE STORED.
These documents, in addition to insurance policies, real estate deeds, and financial information should be organized and accessible to the executer of your estate. Handling a loved one’s estate after their death is not an easy topic to discuss. I remember when my parents had my brother and me over to discuss their estate plans. Initially I had an uneasy feeling; I didn’t want to think of losing my parents. But we soon realized they were just making it easier on everybody involved. When the time comes, we know our roles, and we know their wishes. It won’t make losing them any easier, but it will certainly lessen the burden left to us.
KUDOS MAGAZINE 7,2 BY JENNIFER BOICE
