Death is a part of a life – an end of life to be exact – and as much as we don’t like talking about it, sometimes we just gotta keep it real.
End-of-life planning is important. And the best way to make the most of this process is by being proactive. Thinking ahead, getting assets and paperwork in order, and planning for the worst are all key components of effective end-of-life planning.
It will also save you a lot of headaches and heartaches in the future!
So let’s break it down. Here are five vital considerations as you enter the end-of-life planning stage for yourself, a loved one, or anyone else.
1. Advanced Healthcare Directives
Advanced healthcare directives take various forms, whether a power of attorney or a living will. These directives say what you want done should you reach a point where you can’t communicate your wishes. Take, for instance, a coma.
The reason advanced healthcare directives are so important is pretty obvious. You want to have your values and interests respected and observed. From preferred treatments to organ donations and end-of-life care, all of these things can be taken care of ahead of time.
To set it up, find yourself a ‘proxy’ who can be your representative if something happens to you. It’s good to gather your friends or family with an attorney to fully plan these directives. Because they are legally binding documents, be sure a legal expert reviews them thoroughly.
2. Funeral Plans
How do you wanna be buried? Do you want an open casket or closed one? Do you prefer cremation? What kind of funeral services and memorials do you want?
It’s all up to you, so if you’re not sure, it’s better to start thinking about it now than later. It also takes a huge emotional burden off your loved ones, making the grieving process way easier. Not to mention, it brings much-needed respect to the entire process as friends and family say their goodbyes.
To get going, look into funeral homes that you like. You can pre-pay for expenses if you want, or have the money ready to go with something called a payable-on-death (POD) account. As always, consult a legal expert about any necessary documentation.
3. Digital Asset Management
Nowadays, we have a larger online ‘footprint’ than we realize.
Digital assets such as banking accounts, social media, email, and other platforms must all be managed once a person is deceased.
Do you want your digital assets to be managed in a particular way? Or transferred to someone else to manage or shut down? Who will have the usernames and passwords for logging in?
While these considerations may seem minor compared to others, they can carry a lot of weight. Especially if we’re talking about online financial accounts. So be mindful, and be sure to designate a ‘digital executor’ to handle your online presence.
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4. Wills and Trusts
Used interchangeably, wills and trusts are not the same thing. While they are both legal documents, wills apply to the distribution of assets after death, while trusts are more complex documents that can apply at any time.
The main reason to have these critical documents is to know that your properties, vehicles, investments, cash, accounts, and everything else are properly disseminated according to your wishes. When this is done, it makes things a lot easier with family members and loved ones.
You can even appoint guardians if minor children are left behind. From decreasing real estate taxes to coordinating charity giving, wills and trusts cover many of the important aspects of sharing your wealth.
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5. Communication
You always want to talk to your friends and family before you make end-of-life plans. After all, many families have struggled with disputes, differences, and even separation in the aftermath of death. Sometimes, siblings may fight over who inherits what, leading to bitterness and resentment that lasts for years.
This is why open communication is key. Let them know your wishes and preferences. Be honest and have a discussion. Listen to their concerns and questions, and be willing to change your plans if you see that things were not as you expected, or if you realize you’ve made a mistake in your calculation.
Sometimes, simply understanding others is the best way to optimize your end-of-life planning.
So, if you’re not sure where to begin amid all this, don’t get overwhelmed. Start early and simple, and talk to the people who matter most. Keep in mind what you want in your heart, but don’t be so set in stone that you ignore the well-meaning feelings and thoughts of loved ones.
Take your time, be thorough, and with the help of a legal professional, you’ll have this difficult process squared away before you know it!
