Are You Prepared for End-of-Life Planning?

NEW YORK, December 7, 2021 (Newswire.com) - iQuanti: Conversations about death and dying tend to make people uneasy. But it doesn't change the fact that it's going to happen to all of us one day. If you haven't considered your final wishes or thought about what will happen to your estate after you're gone, you may not be sufficiently prepared for end-of-life planning. Here are some simple ways you can get caught up and create your end-of-life plan. 

What Does End-of-Life Planning Mean? 

End-of-life planning, sometimes referred to as advance care planning, is the preparation someone takes to ensure their final months of life and legacy are what they want. The point of end-of-life planning is to make sure your dying wishes are followed by family and healthcare providers. It also gives peace to your family that they won't need to go through old paperwork after you're gone to try to figure out everything you had and how it should be divided. 

Steps to Create Your End-of-Life Plan 

Everyone's end-of-life plan may contain slightly different information. But these steps can guide you in the right direction. 

1. Get Organized 

Create a list of all the items you'll need to pull together in the various categories listed above. Next, gather all necessary documents, account details, and points of contact. 

As you create your plan, it's critical to find a safe place to store your documents, whether a password-protected location online or a physical safe in your home. Then be sure loved ones know how to access it. 

2. Assess Life Insurance 

If you have an existing life insurance policy, whether term life or whole life, it's important to review the policy to ensure coverage is sufficient based on your current situation. Consider details like how much income you're bringing in and what your spouse or children might need if they lose you. It's also critical to ensure that life insurance beneficiaries are kept up-to-date so that the death benefit payout falls into the right hands. 

3. Create Necessary Legal Documents 

As you look toward end-of-life care, you'll need the proper paperwork in place to allow loved ones to make decisions on your behalf. These documents may include: 

• Power of attorney 
• Medical power of attorney 
• Medical directive 
• Living will 
• Will 
• Organ donation card 
• Do Not Resuscitate Order (DNR) 

Keep in mind some of these documents will require legal assistance or verification before they can be utilized. And it may be best to consult with an estate attorney if you're not confident what you have already is sufficient. 

4. Outline Your Assets 

Your end-of-life planning will designate where each of your assets will go. So, it may make sense to create a list and be certain each item is accounted for in your will. Your list of assets should include: 

• Investments, like taxable brokerage accounts, retirement accounts, etc. 
• Real estate 
• Savings accounts or cash 
• Jewelry, art, or other collectibles 
• Businesses 

5. Gather Account Information 

Your end-of-life plan should make it as easy as possible for loved ones to manage affairs after you're gone. That means giving them easy access to account details and information. Make a list of the following and put it in the safe place you decided on in step one. 

• Investment account details, including account numbers, institutions, and contact information 
• Monthly bill details, including utilities, mortgage payments, etc. 
• Social security card, birth certificate, and passport 
• Car title and insurance information 
• Online account management usernames and passwords 
• Important phone numbers and points of contact 

6. Define Your Legacy Details 

One of the last steps in your end-of-life plan is to add your legacy details. That means what you want to be done after you pass. You should outline your wishes for your desired obituary, funeral plans, and what you want to have done with your body. That way, family members aren't left to wonder how you'd like to be remembered. 

The Bottom Line 

The longer you delay end-of-life planning, the more stressful it becomes. But preparing for end-of-life planning by getting organized and pulling together necessary information will make it easier to discuss your wishes with loved ones. The purpose of a well-thought-out plan is to provide peace of mind to you and your loved ones. And understanding that means it can actually be exciting to create the right end-of-life plan that fulfills your legacy. 

Source: iQuanti, Inc.