End-of-life planning is a delicate—but incredibly important—subject. While contemplating your own death and the fallout thereof probably feels morbid, making preparations for your passing is an incredible way to demonstrate your love to those near and dear to you. Taking the time to plan for some of the logistical details surrounding your death can go a very long way in lightening the heavy load that your loved ones will bear.
Whether you already have your end-of-life plan established or you have yet to do so, there is still work to do. Today we want to address 5 key areas that you should examine in 2022 in order to establish or strengthen your end-of-life plan.
1. Incapacitation – Your desires regarding how healthcare decisions are made in the event of your incapacitation
To establish, partner with an attorney to create your living will. Be sure that you establish power of attorney with a loved one in the event of your incapacitation.
To maintain, review your living will and update your power of attorney to reflect any changes
2. Inheritance – Your plan for how your valued assets will be passed on after your death
To establish, once again, find an attorney who is well versed in estate law. Work with them to create your will.
To maintain, review the will that you have already created, updating it for any major life changes that have bearing on it. Some examples of important changes that might require updates include an increase in your wealth, the birth or death of a loved one, or new marriages or divorces.
3. Information – A record of your papers, accounts, passwords, and more
To establish, make a thorough record of all of the key information that your loved ones and/or legal representatives might need after you pass on. This includes personal information, family information, important contacts, the location of important papers, funeral and interment details, obituary information, login and password information, social media account information, copies of important documents, and more.
To maintain, review the record that you have created and make any changes required to maintain its accuracy and relevance.
4. Dependents – Your plan for the continued care of any minor children, adult dependents, and/or pets
To establish, make a thorough plan that covers the care of any and all dependents that your death or incapacitation would leave hanging. It is best to work with an attorney in order to make sure all of your bases are covered.
To maintain, review the dependent care plan that you have already created, updating it for any major life changes that have bearing on it. Consider checking in with any individuals whom you have named to care for your dependents to make sure that they are still willing to be included in your plan.
5. Tax Planning – Your strategy for minimizing the taxes and expenses associated with the passing on of your estate
To establish, regardless of the size of your estate, having a clear plan in place is an important part of end-of-life planning. There are a number of key financial planning steps you can take in order to make the burden that your loved ones will carry as light as possible. We strongly recommend working with a tax accountant to make a thorough plan that minimizes the taxes and expenses that your loved ones will face in the event of your death.
To maintain, be sure to review your plan with your tax advisor on a regular basis in order to make sure that it is still optimized for your situation.
Taking the time to make and maintain a thorough end-of-life plan is one of the best gifts you can leave your loved ones upon your passing. It is a hard topic to address, but an incredibly important one.
Though this article offers some helpful tips and starting points, the best way to create a thorough and effective end-of-life plan is to work with a professional who can guide you each and every step of the way. If you are ready to take this important planning step, reach out to the RBG professionals today. You can do so via our website’s Contact page or by emailing email@example.com. Be sure to request a copy of our free “Everything They Need to Know” digital planning guide.