How to Financially Plan End of Life
End of life is a difficult subject to contemplate but the one sure certainty in life is that the inevitable will happen, with or without much warning. We shall consider three of the most important areas to discuss and think about when sadly planning for the inevitable. It will be peace of mind to the relatives left behind to know that the departed’s financial and legal affairs are at least in order. It is the best that you can do for your relatives. In times of grief it will be the last thing that they will want to consider. So, the easier you can make it for them, through as much forward planning as is possible, the better a time they will have of what could otherwise prove even more traumatic. On hand, though, are companies that can take care of end of life financial planning for you.
Why should I Make a Will?
You owe it to loved ones to make things as easy as possible for them when it comes to them claiming their inheritance. To make it hassle free so that they can claim, in a straightforward and timely way, the inheritance to which they are entitled. The inheritance that is owed to them because you have earned it for them. To provide for them upon death. Legal wrangles can take a while to sort out, so it is important that you prevent this. The writing of a Last Will and Testament can make sure that your inheritance is spread fairly between the people that you most want to benefit from it. This may be because of their financial situation or what they have done for you in the past. If you want the money to go to friends as well as relatives, then a Will is essential, as just word of mouth or a note that is hard to find could be problematic in seeing that a designated item finds its way to the individual it was intended for.
For further information on why it is a good idea to make a Will, you can view the document Why Everyone Needs A Will.
It is something that once made, can still be changed, so there is no reason not to make it as early on in life as possible.
What are the Financial Considerations?
End of life may not mean sudden death it may be known well in advance. A person may fall ill and require round-the-clock care, which is expensive. This would need to be planned for, so that the best financial care is affordable to the family for the duration of an illness. There are financial planning experts out there who can help those affected work out how to budget, save and insure for such a necessity before it happens. It is important to think about everyone involved when looking at the financial aspects of what happens after death. Keeping financial documents in a place where everyone involved knows where they are to find is a good place to start. Either that or keeping a list of company names, contact details, account numbers and policy numbers, for every company where money is held, whether in a bank, trust, or pension fund. It is no use having money hidden away that nobody knows anything about. Should your relatives outlive you, then that money will just be lost.
A Power of Attorney should be sought before someone becomes incapacitated. This is a legal document that gives one person (the attorney-in-fact) legal authority to act on behalf of another person (the principal) in making decisions, financial or otherwise.
Other Useful Information to Know
End of life care begins when required and may last anything from a few days, or months, to years. The care can include palliative care where an illness cannot be cured, and its sufferer is to be made as comfortable as possible. Common symptoms at the end of life include delirium, shortness of breath, pain, feeling extremely tired, constipation, trouble swallowing, and a rattle sound to breathing. In addition to managing their pain and psychological suffering they will also want to discuss how their family will be financially supported afterwards. Depending on where you live there can be various charitable organisations who can provide financial and emotional support to end of life patients and their relatives.
All this may seem morbid to think of, or sad if it is already happening, but it cannot be ignored how difficult financial affairs can be to sort out after the event.
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