Regardless of whether you have a lot of money or not, it’s important that sooner rather than later, you bite the morbid bullet and start sorting out your affairs so that your family aren’t left not only sad, but overwhelmed with paperwork and bills that you have left behind – it’s neither fair or right. – Here’s how you can sort it all out so they don’t have to.
Get out of debt
Don’t assume that when you pass away your debt stops, because it doesn’t always work that way. Your family will be the ones that end up getting harassed by creditors and debt collectors because you didn’t sort things out properly. So if you have outstanding debt, get it sorted out now. Let’s say for example, that you had planned on giving your family $30,000 when you pass. But you still owe $25,000 to the bank. When you pass away, they will tap into the inheritance to take that money, leaving your family with only $5,000.
Prepare for your funeral
Funerals are known for being a rather pricey day, and a lot of families struggle to afford what they want because it is so financially demanding. So if you want to take the pressure off your family, while being able to plan exactly how you want the day to go, then plan it yourself. Get everything in order from how you want to dispose of your body, what kind of ceremony you want, what music, etc. It’s a good idea to have a look through different companies before deciding on the one, as prices can vary, and essentially you can choose from different funerals on a budget – so never just settle with the first thing you see.
Prepare a will
When you have an idea of what you want to give to who, then you can write a will to make all of that final. If you have a lot of things that you want to give, as well as a rather large estate, then you should consider hiring an attorney because things will be a lot more complicated. So having them there to oversee your plans is wise to ensure that no easy mistakes are made, as that can completely change the outcome. Even if you don’t have a lot to give – you still need a will otherwise the government will decide what happens, and that never ends well, and often results in family feuds and heartache.
Buy life insurance
Buying life insurance will not only help pay for the funeral, but it will also be a big help to your loved ones. It’s important to consider whether or not you have members of the family that are dependent on your income or not. If you’re supporting someone, then getting insurance is extra important. So having said that, if your family aren’t depending on you financially, you may not need the life insurance. The best thing to do is speak with a financial adviser so you can determine what the best option is for you and your family.
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