Instructions You Need To Leave Your Family
We never want to think about death
but when our days are finally up, what set of instructions do we leave our family? Make sure you follow the following steps:-
- If you’re unable to discuss your financial situation with your family, while you are alive, then write a letter that contains all your last wishes, including burial instructions. Make sure that you leave this letter in the same place as your Will document. It’s advisable to set a limit on your funeral expenses, since often survivors are in such an emotional state, they find it difficult to resist pressure from funeral directors who try to sell them expensive, unaffordable funeral services. Take that pressure off them by stipulating a modest funeral.
- Your list should direct your family as to how you wish to be disposed of, i.e. buried, cremated, or having your body donated to science. The funeral arrangements should be included, especially any information regarding a funeral plan or life insurance policy, to pay for burial expenses, whether or not you’ve selected and paid for a burial plot, whether or not you wish to have a religious service, any speakers you might want, or whether you wish donations to be made to charity in lieu of funeral flowers.
- Store all important documents in one place and certified copies at another location. These should include birth certificate, marriage, divorce, and prenuptial documents, important business, insurance, and financial records, pension documents, title deeds, and insurance policies. Give copies to trusted friends or relatives.
- Draw up an inventory of assets and liabilities. Make a list of investments, property title deeds, household contents, and bank accounts. It would be useful to make a summary of expected death benefits. Leave the contact details of your executor, financial adviser, or lawyer, who you wish to handle your estate. Leave instructions of where your Will is kept.
- Most people want to spare their families of financial stress so your estate planning should provide an emergency fund for your surviving family to ease them over the period following your death. You can either choose a life insurance policy that does this, or set up a money market account in their name and provide them with an ATM card to access these emergency funds in the case of your demise.
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