While it may be a topic that many people prefer to avoid, planning for one’s eventual passing is an essential aspect of comprehensive financial and personal well-being. Facing the reality of death and taking proactive steps to get affairs in order and make your wishes known can bring confidence, not only for yourself but also for your loved ones. In this blog post, we will explore the importance of getting your affairs in order and making your wishes known as part of a thoughtful and responsible approach to death and dying.
1. Start the Conversation
Talking about death and dying may feel uncomfortable, but initiating a thoughtful conversation with your loved ones is an important first step. Discuss your wishes regarding medical decisions, funeral arrangements, and the distribution of assets. This open dialogue can provide clarity to help to ensure that everyone is on the same page when the time comes.
2. Create a Will
One of the most crucial aspects of getting affairs in order is creating a will and/or estate plan. A will specifies how your assets should be distributed upon your passing and appoints an executor to carry out your wishes. Consult with an estate planning attorney to help ensure that your will is thorough, accurate, and complies with applicable laws.
3. Establish a Power of Attorney
In the event that you become incapacitated and are unable to make important financial or medical decisions, having a power of attorney in place can give someone else the ability to step in. Designate a trusted family member or friend to act as your power of attorney, granting them the authority to make decisions on your behalf.
4. Consider a Living Will or Advance Healthcare Directive
A living will or advance healthcare directive allows you to outline your wishes regarding medical treatment and end-of-life care. Specify your preferences for life-sustaining measures, resuscitation, and organ donation. Ensure that your loved ones and healthcare providers have access to this document in case of emergency.
5. Review Beneficiary Designations
Regularly review and update beneficiary designations on your life insurance policies, retirement accounts, and other financial assets. Ensuring that these designations accurately reflect your wishes can help avoid confusion and potential disputes among beneficiaries.
6. Organize Important Documents
Compile and organize important documents, such as birth certificates, marriage certificates, property deeds, insurance policies, and financial account information. Consider creating a comprehensive list of passwords and digital assets, ensuring that your loved ones can access and manage them if necessary.
7. Communicate with Professionals
Engaging the services of professionals, such as an estate planning attorney and financial advisor, during the process of getting affairs in order. They can guide you through complex legal and financial matters, helping to ensure that your wishes are fulfilled, and your assets are managed.
Taking the necessary steps to get affairs in order and make your wishes known is a responsible and compassionate act that can bring confidence to both you and your loved ones. Starting the conversation, creating a will, establishing a power of attorney, and organizing important documents are essential components of this process. Remember to review and update these plans regularly as circumstances change. At Keel Financial, we understand the sensitive nature of these topics, and we are here to provide support, guidance, and personalized advice to help you navigate the complexities of planning for the inevitable.
Financial Planning Help
When it comes to death and dying, taking proactive steps can make a world of difference. By preparing in advance, you can help ensure that your final wishes are respected and that your loved ones are taken care of. Begin this journey today and know that you have started the necessary preparations for life’s final chapter.
If you need help getting your affairs in order, contact Keel Financial today.
Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized legal advice. We suggest that you discuss your specific situation with a qualified attorney.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through Winthrop Wealth, a Registered Investment Advisor. Keel Financial Partners and Winthrop Wealth are separate entities from LPL Financial.
