Planning for the end of your life can be a difficult process. It’s never exactly easy or enjoyable for us to think about what happens as we approach our deaths, and how our families will move on afterward. However, this planning is absolutely necessary to prevent your loved ones from having to deal with many logistical nightmares after your passing.
Here are some tips from our funeral home in Westchester, IL for you to consider as you go about your end of life planning:
- Work with a financial advisor: If your financial situation is complicated by retirement accounts, investments, checking and savings accounts and any other accounts that would have beneficiaries, you should seek the assistance of a skilled and experienced financial advisor to help you plan for what will happen to your assets upon your passing. Get to know this advisor well; having a good working relationship is strongly beneficial to your long-term financial management.
- Store passwords and other important information in one spot: Whether it’s a thumb drive, a notebook, a three-ring binder or a sheet of loose leaf paper, you should store important access information in one location and tell your chosen estate executor where this document is so they know where to find it. This document should include your account numbers, online passwords and accounts, security codes, PINs, important contacts and any other access information that could be important. You should also attach life insurance policies, mortgage documents, birth and marriage certificates, stock certificates, retirement plans and more. Keep this in a locked filing cabinet or a safe deposit box.
- Update your will: Generally it’s a good idea to revisit your will on an annual basis. You likely will not have to make alterations every single year, but it’s good to stay familiar with its contents. If, in the past year, you have gone through a significant change in your life, such as a new job, new home, new spouse or child, a divorce or a death in the family, this could have a significant impact on your will and your wishes.
- Include funeral and burial wishes: One element of your will should be your wishes for your funeral, memorial and/or burial. Perhaps you want to have a simple funeral with a reception afterward. Perhaps you want to be cremated and have something specific done with the ashes. Include these wishes in your estate plan.
- Talk to your loved ones about your wishes: It will likely be an awkward or difficult conversation, but it is important that the closest people to you (family and close friends) know what to expect from your estate plan before you pass away. Not only will this truly clarify what your exact wishes are, but it could also help to prevent arguments from occurring among your loved ones about the contents of your estate plan after your passing.
For more information about end of life planning, or to begin making arrangements with a funeral home in Westchester, IL, contact Marik-Baken Funeral Services Ltd. today.
Categorised in: Funeral Home
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