End-of-Life Planning for Families
Too often, families are left unsure of the way forward when grieving the loss of a loved one, as plans for their final arrangements and corresponding finances are left unsettled before their passing. Taking a proactive approach to end-of-life planning can help ease these burdens and support a smoother transition for your loved ones.
Tips for preparing your end-of-life finances
- Consider who you want as beneficiaries of your estate. Ensure you take time to consider which family members you want to have as decision-makers and beneficiaries of your estate.
- Get life insurance coverage. Life insurance is one financial resource that helps make it easier for your loved ones to carry on financially after you die.
- Appoint an executor and power of attorney (POA). It’s a good idea to have a trusted family member or friend appointed as the executor of your will and possibly a power of attorney who can step in and make decisions on your behalf.
- Finalize plans in a written will and last testament. Meet with an estate lawyer to have your will and last testament notarized.
- Consider meeting with funeral or burial experts to pre-plan your services. Pre-planning and budgeting for any services after your passing is an excellent way to relieve some of your family’s stress.
Enlist the help of experts
Consulting with an attorney, financial professional, and funeral consultant can help ensure everything is set in stone. An attorney will notarize your will, a financial professional can help you understand your life insurance options and your estate’s worth, and a funeral director can help ensure your end-of-life preparations are precisely what you envision.
