According to the Centers for Disease Control and Prevention, more than 45 thousand people die due to heart disease in Texas, whereas 40 thousand die because of cancer. This death rate accelerated after the global pandemic circumstances made it worse for the world.
You can’t predict your future or death, and this factor can lead to many blunders in your life. No one wishes to die without fulfilling the responsibilities s/he has on the head. Therefore, it becomes important to keep a to-do list ready before you die unexpectedly.
What’s the one big obstacle?
When preparing anything for your death or after-death life, people often consider it a misfortune and quit such early preparations. This leads to no future planning, no financial security plans for the surviving family, etc.
If you do not wish to see your family in a miserable condition after your demise, it’s good enough to prepare a list of things you should be doing before you die. To help you simplify this task, we have crafted a list of things to do and die in peace.
#1 – Secure your family with a life insurance plan – Life insurance is the finest and easiest way to protect your family financially. When talking about life insurances, there are plenty of plans and policies available to choose from. Look for a suitable plan that covers your entire family and meets your financial needs as well. A life insurance plan offers a hefty amount of money to the surviving family for those who don’t know. The process begins after receiving a legit death certificate. The family may have to undergo some paperwork for the same, but it’s a good idea to brief your loved ones about all required details before it gets too late to communicate.
#2 – Keep your family aware of everything – There are times when many heads of the families take away many secrets and learnings with themselves. The obvious thought of transferring knowledge about the financial plans and assets collected is never common among families. This leads to complications making it difficult for the surviving family to figure out what assets and property rights they acquire. Therefore, it’s essential to let your family know about what all you have earned so far and if you have any debt left to pay. Keeping 100% transparency among the family members can save them from bearing unpleasant surprises after your death.
Besides, teach your kids about the processes and documentation required for several financial and other matters. This can sort out their lives while helping them wind up the paperwork after your death. This way, you become a helping hand for your kids even when you cannot assist them.
#3 – Go for estate planning – Estate planning is beyond writing and verifying a will legally. It is a thorough planning process encompassing the calculation of assets earned and the transfer of property. Those who go for early estate planning do not have to struggle with paperwork at their last time. That’s why most financial planners and advisors recommend doing estate planning on a prior basis before it gets too late for you to respond.
Here is a thorough checklist of everything you need for estate planning. Go through it and find out if you are heading in the right direction or not.
1- Itemize your inventory stock – To start it all perfectly, you should begin exploring the inside and outside of your home. Now, start making a list of all valuable items you think hold some prestigious value. For instance – television sets, vehicles, jewelry, real estate property papers, lawn equipment, plush masterpieces, and much more. Make a detailed list of everything you found and know the current market value of all of them. This is a good idea to have a sound estimate of your assets at home.
2. Make a list of debts – Prepare a list of all active credit cards and other liability types, including – mortgages, auto loans, home equity lines of credit, and much more. If you are unaware of it, prefer to consult a professional rather than collect the wrong information. For instance, many experts of estate planning in Houston Texas, recommend adding the account numbers to this list, keeping a check of the location of signed documents and agreements, and jot down the detailed information about the companies holding the debt. Above all, ensure to share all of these details with your family and close ones.
3. Draft a will – People above 18 years of age should already be prepared for their good. You may be considering it unnecessary at the moment, but that’s a well-known saying from the rulebook of assets distribution. A drafted will should have the name of the guardian of the minor children along with a name who is responsible for taking care of your pets after you. Besides, you have the absolute right to leave the assets to a charitable organization through the help of prepared will.
4. Go for a reliable estate administrator – There is a legal estate administrator becomes in charge of every legal and financial affair when you die. You can hire an estate administrator in advance to wave off the hassles of the right decisions taken after you. Such decisions should be taken in the right mental state to avoid any negligence or legal trouble in the future. When you hire an estate administrator, ensure that your family members should know about him/her.
5. Evaluate your retirement accounts- The accounts and policies with designated beneficiaries automatically transfer to the reported individual at the time of death. Here, you may need to connect with your employer’s customer service team or administrator for all beneficiary selections done.
The final line –
Leading a life full of responsibilities for your family and loved ones can be a significant challenge. Of course, it is not hard to think of your death and leaving your family alone behind. But at the same time, it becomes essential to safeguard your family with everything possible to survive financially. Therefore, keeping a check on all requirements in advance is a must.
