Preparing for Your Death, or the Loss of a Loved One

There is never a time when it is easy to consider losing the ones we love, and usually the financial ramifications of losing a loved one are never considered. However, with the ever-growing expense of funerals and memorial services the cost of putting a loved one to rest is a legitimate financial concern. The cost of a traditional funeral begins at around four thousand dollars, and for the average American even that expense can be more than they can afford on short notice. So, it is necessary to plan for the inevitable loss of the ones that we love, and planning for your own passing will greatly ease the pain and emotional stress that your loved ones will face on your passing.

Start your planning by discussing your wishes with your loved ones. Do you have an insurance policy that would offset the cost of burial or funeral arrangements? Do you have a living will and a Medical Power of Attorney on file in the event that you become incapacitated? If so, let your loved ones know where the paperwork for your insurance policies, your Living Will and your Medical Power of Attorney are located. Do you have prearrangements made for their funeral? If not, how do you want the funeral or memorial service conducted? These are all very important questions that will be raised immediately upon your death, and knowing the answers to these questions in advance, or having a packet containing all of the paperwork for your policies and advance directives will greatly reduce the stress for loved ones when you have passed. The process of getting this paperwork does not require an attorney in most cases. Most state websites contain forms for setting up Living Wills and Medical Power of Attorneys yourself. While the situation of losing a loved one can never be an easy one to deal with, the burden can be substantially lessened with one or two uncomfortable conversations and some preparation on your part now.

Make out a will. While these decisions are difficult to make, you can ease the burdens of your loved ones and insure that your possessions are distributed in the manner that you would like by making out a will. Our own mortality is hard to face at best, but it is inevitable that at some time we will pass. So, the only responsible way we can handle this inevitable conclusion is to lessen the burden on those we love as much as possible. With a will in place, most of the decisions are already made, so your loved ones are faced with far fewer decisions during their grieving period, and it also does away with the hard to face reality that there could be family tensions or bickering caused by the division of assets with no will to stipulate how the division should take place.

If you have minor children, be sure to include provisions for their care. In most cases a person's spouse or other parental figure will retain custody of any minor children should something happen to one parent. However, what if you are unmarried, divorced or separated when the inevitable happens? What if you are in an accident and both parents are killed at once? Be sure that you leave documentation regarding what you want for your children, if they have godparents or someone you want to be responsible for them on your passing include this with your paperwork. Also, be sure to include who should be responsible for any assets left to them until they come of age to care for these matters themselves.

No one likes to think about losing someone that they love, and thinking of dying oneself is almost unimaginable. However, they are also unavoidable facts of life. Planning for the financial ramifications of your own passing, or the passing of someone you love will not be an easy task at any time. It will be easier if done in advance, rather than if someone has to bear that burden after the fact. Take the financial planning for your own death and the death of those you love seriously now, that way when the inevitable happens no one is left to bear a huge financial or emotional burden.