You don’t like to think about dying because it’s hard to understand, and you hate to imagine a world where you’re not alive. While the idea of death isn’t fun, you must be able to accept it so that you can prepare your affairs well in advance. From purchasing life insurance to making a will, here are a few steps to take as soon as you have a reliable income to smooth your loved ones’ grieving process.
1. Take Out a Life Insurance Plan
You have auto, homeowner’s, and health insurance, but you’re hesitant to buy life insurance because you think it’ll be a while until you die. In reality, it’s best to buy a plan as early as your 20s. Once you purchase a plan, you pay a premium every month, quarter, or year, depending on your contract. When you die, your beneficiaries receive the plan’s face value, or how much you’ve decided that they get right away. Then, they receive further payments based on how much is left and your wishes. For example, if you don’t trust your children’s financial management skills, stipulate that a percentage be released to them every three years.
After you’ve looked at life insurance plans online and found the perfect one, talk to your spouse or next-of-kin about your plans for the life insurance payout. You don’t have to leave any instructions, particularly if your death is a long time away. However, if it seems as if you’re going to leave behind major payments such as your children’s tuition or your house’s mortgage, request that your payout cover these costs.
2. Keep Track of Your Groups
You’re involved in lots of groups, from your house of worship to your Friday night board game club. No matter how informal these groups are, maintain a list of their contact information with your other affairs. That way, your beneficiaries can notify them if something happens to you. Additionally, organizations with membership fees often offer support to members’ survivors, a benefit you should note on your list. Finally, this list also gives your children an idea of which groups should receive donations in your name or honor.
3. Take Stock of Your Belongings
It’s easy to underestimate just how much stuff you have tucked away in your house. It’s also easy to forget how valuable these items are. After you’ve chosen life insurance plans online and listed your organizations, make an inventory of your house. You don’t need to record every paperback book or glass plate, but everything of value needs to be on it. If you’re not sure how much something is worth, take it to an appraiser. If you find a family heirloom, write its history on the inventory so that your children treat it with respect.
4. Make a Will
Now that you have a better understanding of your finances and assets, it’s time to make or update your will. Financial experts recommend that all adults 18 and older keep their wills up-to-date. Work with your attorney to make a plan for dividing up your assets. Name a guardian for your children if they are still minors, and decide who can care for your pets. If you’re nervous about any other arrangements after you die, state your wishes here. Once the will is complete, have two witnesses who aren’t beneficiaries sign it, and then take it to a notary.
Most people want to run the other way when it’s time to review life insurance plans online or inventory their possessions. However, by taking these four steps now, you make your loved ones’ next days much easier.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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