Aug 19, 2016 04:05 PM IST IST | Source: Moneycontrol.com
Eight things to do about your money matters before you die
Death is certain but the timing of death is not. It is better to plan for it.
Have you ever imagined what will happen after your death?
Please forgive me for talking about your demise. But, there will be a day when you have to hand over your whole empire to someone. And it’s always better to plan it out on time, but there is never too late.
Here are the eight financial steps you must take before you die:
1. Write your will:
If you want your property and belongings to go in the hand of the people whom you want then clearly mention it in your will else the law will decide where your property belongs to.
After writing the will make sure it is up-to-date, your executor knows where to find the copy, and which lawyer prepared it for you.
2. Organize your assets, bank accounts, life insurance, and debts:
List all your assets and update it monthly which does not takes much time. In case you have a joint account with your spouse, he’ll be able to handle it immediately. And in other cases, having a joint account with more than one signing officer makes your bank account operate efficiently after your death.
Make sure your family knows about your all financial advisers, and that advisers know about your all life insurance policies, so that these policies can be easily paid out after your death. In case, you don’t have a life insurance plan, go consult your adviser and buy a good insurance plan.
Plan to clear your uninsured debts soon or insure them to make your family’s life a lot easier.
3. Prepare a documentation of everything:
Prepare a documentation of your will, funeral costs, details about your power of attorney, bank account, life insurance policies, debts, assets etc. and attach them in a single master file, so that your executor can easily access them.
4. Plan for incapacitation:
You need to plan what will happen when you lose your abilities to care for yourself. When you’re ill, incompetent, or incapacitated, you’re legally incapable of making choices, you need a living will, a medical power of attorney and a financial power of attorney.
5. Share your social media passwords with someone you trust:
If you want your e-mail accounts and social media accounts to run or somebody to shut them down, it’s better to share your passwords than providing a name, address, photo ID, email, and death certificate.
6. Plan your funeral:
At the time of your death, emotionally your family will be in a fragile state. It may not be easy for them to negotiate your funeral. So, you should plan and write down all the expenses that may occur at the time of your funeral service. For more convenience, you can visit to local funeral home.
7. Get some help if you need it:
Get assistance from your financial advisers, lawyers, best friends, or family in the process of taking the major financial steps of your life. It’s always better to consult and ask for help to the right people on whom you can rely upon.
8. Look for some professional organization who shall take care your loved ones, should something happen to you:
It is always better to join hands with a professional organization who shall help your loved ones when you shall not be around. This includes handing over all the documents as well as helping them in getting ownership control of your assets, as end of the day you have worked hard for them.