Preparing for the inevitable
Preparing for the inevitable is a morose task that many of us will put off until it is too late. So if you don’t want to do it for yourself, prepare your estate for your loved ones. A little administrative and financial preparation will ensure that they can grieve in peace.
Follow this short checklist to make sure your affairs are in order and be sure to regularly update the details as you continue to enjoy a long life!
- Compile a financial factsheet – bank accounts, life insurance policies, mortgage details. Where are your assets?
- Share your financial management – if your partner has always run the household, it might be time to find out how to do that if you find yourself alone.
- Make a will – where do you want your assets distributed when you die?
- Plan for any tax liability – collating your finances and writing a will may reveal a potential future tax bill that you can plan to mitigate now
- If you are parent with children under 18 nominate guardians – this can be done via your will
- Plan your funeral – if you have specific wishes, including organ donation, you need to act in life to ensure they are carried out at your death
- Consider how you want to be cared for in the event of loss of capacity – consider creating power of attorney for worst case scenarios
- Get help and support – there is advice from specialists available in all the above areas, you don’t have to figure this out on your own
- Spend! Enjoy your retirement – you can’t take it with you!