No one likes to think about the day they will no longer be here to enjoy time with family and friends and bask in the wonderful things of this earth. However, death is one of the few certainties of life and it is important to think about how to make things as easy as possible on your loved ones when you pass. Here are three ways that you can ease the burden of your passing for your loved ones.
Take Care of Debt
When you pass away, your estate will be accounted for. This will include all your assets, including real estate, bank accounts, retirement funds, and other property. When you die with debt, that debt is passed down to your descendants to be paid for from the estate. By paying off your debts before you pass, you significantly increase the amount that will be left to your beneficiaries. This will help them to cover probate fees, burial costs, estate taxes, and more.
Create a Plan
Creating an estate plan is one of the most beneficial ways to help your loved ones manage your passing. Without a clear plan that is easy to implement, your family will be tasked with the nearly impossible job of blindly managing your estate, guessing at your wishes, and grieving for your loss all at the same time. There are several factors to consider in an estate plan. Do you want a memorial or a funeral? There are important distinctions between the two. For example, unlike memorials, funerals usually take place with a casket present. Additional factors to include in your estate plan are your will, assigning durable power of attorney as well as medical power of attorney, and completing your advanced health care directives.
Develop a Living Trust
Few things will simplify your passing like a living trust. When you have a living trust in addition to a will, your loved ones can avoid probate, eliminate squabbling, reduce estate taxes, and keep your estate off the public record. Additionally, a living trust can protect your interests if you are alive but become incapacitated. Furthermore, developing a living trust can save money by avoiding probate fees, lowering taxes, and increasing investment gains through the services of an investment professional.
You have always taken excellent care of the people you love. You can continue to care for them after you pass with a living trust, a clearly defined estate plan, and paying off your debts. By doing so, you will significantly ease the burden that your passing places on your loved ones, offering them one last gift of love.
Check out this article on how to protect your assets in the event of your death!