A few days ago, it was reported that the actor John Amos passed away at the age of 84. His actual day of death was over a month before. But, sadly his daughter found out the same time as the rest of the world. It is reported that it was his wish to have the annoucement delayed. So, there appears to have been a disconnect within the family. These situations of family conflict especially with loss is hard to hear about, but it happens very often. This leads to the idea of creating a plan before we leave this world.
When we are young, thinking about death is not something that is on your mind for understandable reasons. Living our life to the fullest is what we know. But as I became a young adult, I heard of negative situations and I read stories. I know how important it is. We know this life we have is not forever. Whether you are a young adult or an older adult, thinking about what we will leave behind and who we leave behind is important. We should never assume things will just fall into place.
If you have younger children, it is very important to have a discussion with someone whom you trust to provide for them in the case of an untimely death. Having this in a written document can help with this whether it’s within a legal will or a notarized will/personal note. It would be a disservice to your children if they end up with someone who was not in their life before. Also, having an insurance policy can help pay for services and leave the leftover money to your child.
If you have older children, the same is true. Have a legal or notarized document with what you wish to happen. Whether you have assets and want to assign who gets them. If there are specific final arrangements, you would want for yourself such as cremation or burial write that down. And just as above, life insurance can help offset the costs to prevent putting the burden on others.
In terms of beneficiaries on financial accounts, it’s important to be aware and reassess every few years. Imagine, being married to your first husband when you made them your beneficiary. If you are now on a new marriage, if you did not update your documents, that first husband will have all your money. Other things to think about is a health proxy and power of attorney. With a healthcare proxy, in case you can’t make medical decisions for yourself, who do you trust to do it. With a power of attorney, this person can make decisions financially and medically if needed.
In the end, leaving this world with uncertainty about what you left behind can be hard on those who love you. Doing your best to have a plan can just make it a lot easier for them, especially when there is family disconnection.