**Please consult your lawyer for personal advice**
Let’s face it, having a conversation about leaving this earth is not a pleasant one. However during the death of a loved one, family members often deal with the financial, mental and emotional stress of planning a burial and taking care of the affairs of the deceased. Death is not always something one can plan for, but one can plan for the unexpected. If you love your family as much as you say you do then ease your family’s pain and stress during their time of bereavement by getting your affairs in order.
You have probably heard someone or read somewhere about getting your affairs in order. So, what exactly does it mean to get your affairs in order? Well, it’s a phrase that doctors have commonly communicated to someone who is terminal or near imminent death. However, it’s now a more generally communicated phrase. One has their affairs in order when a designated person can understand their personal matters both finance and non-finance related, without their help, in order to make decisions and act on their behalf. Someone can only have this understanding without your help if you 1) provide them with the necessary information and 2) provide them with the legal authority to do so.
I will share here some of the information one needs to provide to have their affairs in order but before I do that, I’m going to refute some myths people have about getting their affairs in order.
Myth 1: I’m broke so, I don’t need to get my affairs in order.
Money is not the only thing to worry about when getting your affairs in order. Unfortunately, you would be surprised what people argue about during grief, for instance your last paycheck, the $100 in your checking account. Getting your affairs in order also gives your family the marching orders for how you want to your final arrangements e.g. whether you want a service and how you want your personal belongings disbursed and who gets to make financial and health decisions for you if you are incapacitated.
Myth 2: Everything will go to my mother
If this is not in writing in a living trust and/or will then this can challenged in probate court.
Myth 3: I’m young and so I don’t have to worry about getting my affairs in order just yet.
Death doesn’t always knock on your door and announce itself. Unfortunately, the young die as well whether it’s by accident or illness etc. Most do not know when their time will come and so it’s best to be prepared.
So, at a minimum getting your affairs in includes:
- A Living Trust and / or Will
- A List of key usernames and passwords
- Power of Attorney
- Health Care Proxy
- Selecting Beneficiaries for all assets
- Arrangement preferences
It is pertinent that you have this conversation with your parents as well. You will also need to provide copies of this information or guarantee access to a trusted person.
Click the link below to get a checklist you can printout or save for future reference.
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