End of Life
Key End of Life Planning Considerations
The harsh reality is that some day each of us will die. Therefore, st some point we owe it to our family to be open and willing to discuss those difficult concepts of death or dying. The reason why is not only is death a fact of life, but also a fact that needs to be factored into your financial and funeral planning.
If anyone is working on building a successful financial plan, the only way you to be sure this plan works smoothly and efficiently is by being proactive and preparing for this event, in advance. This means doing whatever you can to protect your family and loved ones against something that you know will happens someday, causing an extremely difficult situation.
Planning in advance becomes particularly important with end of life planning considerations, because these plans almost always work together with other aspects of your financial planning. Some of these include funeral estate planning, reviewing most common ways to preplan a funeral, and looking at the various options regarding how to prepay funeral expenses. Each of these considerations (and more) have the same goal in mind, which is ultimately creating a proper plan of succession.
The sad truth is, thousands of people die (whether expected or unexpectedly) each year without the proper end of life planning in place. To make matters worse, when someone dies without leaving behind any documented wishes regarding their final plans or preferences, this usually ends up costing their family and loved ones a tremendous amount of emotional stress and financial hardship.
By simply sacrificing some of your time and planning, documenting, and potentially prepaying for this situation, you can be sure that your family and loved ones will thank you. And best of all, you will always remembered for this wonderful gift of a lifetime.
In most situation, funeral planning requires that you must also address financial planning matters such as estate planning, tax planning, and even working with financial planning and insurance matters. So you should expect that, as you are planning or preplanning a funeral, the best strategy is to work together with a team of funeral and financial professionals. What this can do is either minimize or eliminate a great deal of the family crisis that usually occurs, as well as coping with grief and loss.
Below is a List of Some of the Key End of Life Planning Considerations:
- Creating an Estate Plan, usually through a Last Will and Testament
- Understanding a Last Will versus Living Trust
- Creating a Living Will and Advanced Medical Directives
- Determining what ”first steps” need to be taken first
- Organizing all your important documents
- Make sure all your important documents are in one easy-to-find place
- Preparing for Guardianship issues and Special Needs concerns
- Legacy and Estate Planning
- Ensuring your loved ones have quality Financial Professionals to help
- Assigning a Personal Representative
- Protecting your assets against lawsuit, income and estate taxes, divorce, etc.
- Assisting your children in carrying out your end-of-life plan
- Establishing you funeral plans and arrangements
- Click Here for more helpful: End of Life Planning Tips
As you can see, because there are so many difficult, expensive, and time-consuming end of life planning considerations and challenges, we strongly encourage everyone to seek professional advice and support from a Funeral Preplanning Specialist.