Have you ever thought about how to prepare your loved ones for an unexpected death? While of course there is the emotional side to consider, the financial and logistical aspects need to be kept in mind as well. It may not be enjoyable to think about – but it is nonetheless important.
How to Distribute Your Assets
If you were to die unexpectedly, and you hadn’t prepared a legally binding will, that would mean that your assets would not be guaranteed to end up where you would like them to. In many cases, your valuables could end up in probate court, which could be a nightmarish or obnoxious ordeal for your loved ones. And they might not even end up with what you wanted them to have. The safest option is to plan ahead now and arrange with a lawyer to create a legally binding will. Consider your largest and most valuable assets at hand. Do you own any property? Any vehicles? Family heirlooms? Who would those benefit the most? Don’t forget to consider your items that, while not holding significant monetary value, might have lots of sentimental worth.
What Kind of Service You Want
Often, when somebody dies unprepared, the grieving family has to make immediate funeral arrangements. This can be inconvenient, expensive, and emotionally destructive at worst. It’s best to consider the options for how you want your funeral service to play out while still alive, and then make clear instructions for your loved ones. It’s important to know the details and differences of the options in front of you – funerals involve a casket whereas a memorial service does not. Cremation is another option you may want to consider.
Setting Up Insurance
Some insurances are constructed for the exact purpose of accidental death or serious injury. Especially if you are the primary moneymaker in your family, you need to carefully consider life insurance. Depending on the coverage of your life insurance, your family will be guaranteed certain amounts of money to support them through the initial grieving process. It also can help quite a bit with the funeral fees. Make sure that you have the proper life insurance policy set up, and that your relevant loved ones are listed correctly.
Again, planning for your own accidental death is not exactly enjoyable. But nobody believes individual tragedy can strike them personally until it does – so be prepared for the worst. It can make the difference between survival and destitution for those you love.
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