Much of your working life is likely dedicated to preparing for retirement when you’ll get to enjoy the fruits of your labors and be free from the need to work for a living. But what about after your retirement? Have you prepared your finances for your passing? It’s not the sort of thing you want to just leave on the plates of those you leave behind, but what can you do to prepare?
Review Your Will
A lot of attention is often given to the reading of the will and division of assets after a person passes away. Your will is your last chance to ensure that your final wishes are carried out when you are gone. If you find yourself incircumstances that necessitate revisions to be made to your will, take action to do so sooner rather than later. Pay attention to how assets will be divided, any requirements that need to be met for them to be properly disbursed, and who you intend the beneficiaries to be.
Make Funeral Plans
If you want to reduce the stress your loved ones feel after your passing, make your funeral plans in advance and have money set aside to cover at least a portion of the costs. The passing of a loved one is an emotionally exhausting time, and it can be tough to deal with making plans from scratch on top of that. Add in the financial resources needed to pay for a funeral and the stress only compounds. Consider all your options, especially if you want to make the funeral more affordable. For example, cremation is usually a more affordable option than burial. It can also be nice for your family to feel like they can still have a part of you with them after you are gone.
Consider Life Insurance
Depending on your situation, it may be wise to consider carrying a life insurance policy. Life insurance can give you peace of mind, knowing that the loved ones you leave behind will have some measure of financial protection in the event of your passing.Deciding if life insurance makes sense for you is an individual matter, so consider it carefully before making your choice.
Preparing your finances for when you pass is one of the things you can do to help take care of those you leave behind after you’re gone. Review your will periodically and make adjustments as needed. Decide what your funeral plans will be so putting them into action is less stressful for your loved ones. Depending on your situation, it may be appropriate to carry life insurance. End of life plans will look different for everyone, but preparing well in advance can help them go off without a hitch.
Read this next: How to Protect Yourself against Wild Market Swings in Retirement
RSS Feed
