Last week, Al received a large manila envelope in the mail from his mom. He opened it, took a quick glance, and placed the contents on the dining room table. Because he got distracted, it remained there. A few minutes later, his wife said, “What’s this?” She picked it up and remarked, “Oh my God! That’s spooky.” Al’s mom had mailed an updated copy of his dad’s obituary. To Al, it was just a document to be filed. To his wife, it represented something much more emotional. Hopefully, his parents will be around for many more years, however, everyone must embrace the fact that nobody lives forever.
Most people find discussing death about as interesting as talking about a colonoscopy. At least with the latter, you should wake up when it is over. However, everyone has that final appointment that cannot be canceled or rescheduled. Just because you may not like discussing your expiration date does not mean you should avoid planning for it. During a recent conversation Al had with one of his financially savvy friends, Derek stated, “I have a will and life insurance because I care about the people I love.” Basically, if you are married, have kids, or a positive net worth, documenting your end-of-life plan is important and taking the necessary steps to prepare financially is crucial.
According to the GoFundMe website, they perform over 125,000 memorial fundraisers each year and raise over $330 million+ per year. There is nothing wrong with people donating to the cause of their choice. However, when you plan in advance, that forethought can often reduce the financial burden on others. This is particularly important for people who have children under the age of 18. If something happened to you unexpectedly, do you have enough life insurance to ensure your dependents are provided for and your celebration-of-life service is covered? If not, direct cremation might be a viable, less costly option. At least this inexpensive one-way ticket will hopefully leave more insurance money to take care of your heirs.
The time spent preparing this information should be one of the top items on your Adulting list. If you know something is going to happen in the future, it is wise to plan for it. When Al and Lesia got married, one of the to-do items on their list was preparing a last will and testament. A few years later, they transitioned to the Lesia and Alfred D. Riddick Family Revocable Living Trust. One of the best advantages of having this document in place is peace of mind which is priceless.
The following items should be considered when planning for your final boarding call:
· Visit Policygenius.com to compare life insurance quotes from various companies
· Prepare a living will and healthcare power of attorney (see OH example)
· Determine your needs - Will vs Trust
· Establish Payable on Death bank accounts
· Secure and protect your digital legacy
Safe travels! 😊
