Money and death are both very complex topics. However, in some cases, those two areas intersect. When death happens, there’s often a money aspect to it. That can be very uncomfortable, but what about death is comfortable when you think about it?
As people, we don’t like to think about death, because it forces us to face our mortality. However, death is inevitable. So, as the person that would inevitably die, it is within your best interest to think about death and money.
We work our entire lives, and we acquire money within this period. So it’s really in our best interest to proactively plan how we want that money utilized upon our death.
Thinking about how we’d like our money addressed upon our death forces us to look at our mortality. Not addressing how we’d want our money utilized upon our demise is undermining our entire life’s work in acquiring that money. The easiest thing to do while you are alive and healthy is to figure out how you’d like your money divided. Once you do, plan accordingly.
If you own real estate, you can add your heirs’ names to your home deeds. Adding the names of your heir’s to deeds ensures that there will be probably be minimal fighting, probate, and issues with a will, upon your death. Real estate deeds supersede wills. Contact a real estate lawyer or title company to get this done.
Get a life insurance policy. It sounds like something simple, but you’d be surprised at how many people don’t have life insurance policies. If you have a life insurance policy, make sure your beneficiaries are updated regularly.
Plan your funeral. Planning your funeral sounds nuts but think about your kids and how devastated they will be upon your death. Then think about how they will function through that devastation planning your ceremony, whatever that will involve. If you are able, arrange pre-payment of that funeral.
Simple proactive planning is the key to simplifying the death and money situation. Proactive planning could save your loved ones so much heartache, drama and, fighting over money. Your loved ones will thank you.
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