How to prepare for Death Day is a topic most of us avoid, but planning for it is essential. Thinking about the end allows us to live more fully in the present, knowing our loved ones will be taken care of when we’re gone.
Why Consider Your “Death Day”?
You might not want to think about death, but consider how much peace of mind you’ll gain when you no longer worry about:
- What your loved ones will do when you’re gone (or how they’ll get by)
- How to afford the costs, because YES, dying is expensive (whether it should be or not)
- Where your assets will go, and whether creditors or other entities will try to get a piece of the pie
Preparing for death ensures the best circumstances for those you leave behind. Mourning won’t be easier, but you can make sure your loved ones have fewer burdens during a tough time. Plus, knowing you’ve handled the uncontrollable aspects of death can help you live more freely now.
Are you ready to prepare for “Death Day” so that you can start living?
7 How to Prepare for Death Day Tips
- Play Around with a Life Expectancy Calculator Life expectancy calculators can provide fascinating insights into your potential lifespan. They can also help you plan for retirement and inheritance, giving you a clear strategy for your financial future. Some great tools to check out are Living to 100 and Blue Zones.
- Take Care of Your Physical Self Decide what you want to happen to your body when you pass. Cremation? Traditional burial? Something different, like a biodegradable urn that grows into a tree? Make these decisions now to spare your family the cost and emotional burden later. Ensure your wishes are legally documented.
- Have a Will and Maybe Some Trusts in Place Start estate planning as early as possible. A will and trusts ensure your assets go where you want them to. They can be a lot more affordable than you think. If you can’t work with an attorney right now, use online tools like Free Will. Keep your beneficiaries updated and use your will for other details like who gets specific items and your funeral wishes.
- Use Protect My Plans Our lives are digital now, with assets like passwords, banking access, and financial apps. Protect My Plans ensures your heirs can access these digital assets and prevent identity theft. This way, your digital legacy continues smoothly.
- Sign Up for Five Wishes Ensure your care preferences are followed if you become unable to care for yourself by signing up for Five Wishes. This isn’t just about death but about having a plan in place for any health complications.
- Ponder Your Legacy Think about the philosophical components of your legacy. Keeping a record of your values, mission statement, and rules for your monetary legacy ensures your family aligns with your wishes. Integrate this into your Trust to guide your beneficiaries. Honestly, this is just as important as the legal documents.
- Have a Permanent Life Insurance Policy Life insurance helps you leave a significant legacy for your loved ones. Whole life insurance is great for its living benefits, but convertible term insurance is also a good option for young adults. It’s affordable and can be converted to whole life insurance later.
Preparing for “Death Day” Doesn’t Have to Be a Drag
Thinking about death is tough, but planning for it can free you to live without worries or regrets. By having a strategy in place, you can eliminate that lingering fear.
Get your affairs in order so you can live life to the fullest, knowing your loved ones will be cared for and your assets won’t be lost. If you have questions or need help, reach out to a Big Life Financial Advisor today