Do you feel overwhelmed when you think about getting your affairs in order? You’re not alone. As we age, life’s critical decisions—estate planning, retirement, and end-of-life planning—can be daunting. Getting started is hard, but taking the time to understand and address these critical topics can set you up for greater peace of mind in your later years. In this article, we’re sharing the seven buckets of information you need to have prepared as you move through life’s journey. Read on if you want to learn more!
Table of Contents
Will & Estate Plan
Establishing a will and estate plan is essential to getting your affairs in order. Everyone should have a well-drafted, legally enforceable plan that sets out their assets, designates beneficiaries, and makes preparations for any uncertainties in life. Working with an attorney can help ensure your plan is appropriately executed and tailored to your needs. Depending on individual preferences and financial circumstances, it might involve setting up a trust or other legal entities which give individuals control over how their money is distributed and taken care of while they are alive, as well as finances, property, healthcare decisions, and guardianship of minors after they’ve passed away. Consulting with an experienced attorney helps individuals make the best choices to get their affairs in order.
Significant Assets
Documenting your significant assets is essential in getting your affairs in order and transitioning through life with ease. It’s vital to stay on top of all the pieces that make up your life, such as hearing important information about home inspections, renovations, vehicles that need maintenance, and other real estates that may require extra attention. Knowing precisely what real estate and other assets of significant value you own are essential for tracking yearly costs associated with these items, from property taxes to insurance coverage. Additionally, documentation of your significant assets ensures their protection in the event of any disasters or other unforeseeable circumstances. Overall, documenting your important assets provides security for the present and future when it comes to peace of mind and asset management.
Financial
Identifying all of your financial advisors and accounts is an essential step to getting your affairs in order. This identification includes any advisors you have entrusted with managing a retirement account, like a 401k or pension, as well as any bank accounts, liquid investment accounts, and pre-tax savings accounts like an IRA. It can also include answering complex questions such as what happens to a safe deposit box after death. Finding the answers to these questions beforehand will make the process much more manageable if necessary. Take an inventory of any advisors and accounts that are a part of your financial life and keep them in an easily accessible place for future reference.
Vital Records
Keeping track of your vital records is essential for getting your affairs in order. It is important to know where these documents are stored, as they may be required to prove identity and navigate life events such as birth, marriage, or death. Vital records to keep on hand include birth certificates, social security cards, tax returns, and any marriage or divorce certificates. Failing to access these documents could lead to unwanted hiccups in completing specific tasks or signing off on various forms of paperwork. Keeping essential records secure is a task that should be taken seriously!
Insurance
Documenting life and accident insurance policies, health coverage, homeowner or renter’s insurance, as well as automotive and disability coverage, is essential for getting your affairs in order. If you have life or accident policies, it is crucial to identify the policyholder, life insureds, and beneficiaries to ensure that the named individuals receive payments in case of life events. As life happens and circumstances change, updating insurance information over time helps provide proper care and financial support at a difficult time. It is especially prudent to obtain long-term care premiums, given that healthcare costs can be considerable. Having everything documented without fail ensures that true peace of mind can be achieved if an unexpected incident arises.
Memorial
Planning for the unavoidable by pre-arranging our funeral service is one of the most essential yet overlooked tasks. Deciding how our physical remains will be handled, cremation or burial, for instance, allows our loved ones to make difficult decisions on our behalf when the time comes. Additionally, deciding how we want to be remembered is also something that should be considered when planning for death. Whether it be a celebration of life with lighthearted stories shared among family and friends or a more somber memorial to remember us, simply having an idea can give peace to those grieving. Many may even agree that cryogenics could provide an exciting twist to what death will mean in the next hundred years! Planning for death and ensuring your wishes are documented provides a sense of closure and understanding among those you wish to take care of you, even after passing away.
Other Important Information for Getting Your Affairs In Order
When you’re incapacitated or dead, your loved ones will need access to your home, take care of any pets, and deal with your online life. If you have a secure home, they will need information on entering and shutting off the alarm. You should also add details regarding the care and feeding of any pets to ensure they are taken care of when you’re not available. Lastly, maintaining organized records of your IDs, passwords, and other pertinent secure information will help streamline access to online accounts or services. Having this information protected and easily uploaded will save time, energy, and stress when dealing with certain matters.
As you can see, a lot of information needs to be organized to prepare for incapacitation or the end of life. Fortunately, end-of-life planning tools are available to guide you and help you manage the information, offered free or at very low monthly rates.
