A
A
A
The thought of being a burden may be on your mind as you think of your wife or husband and the consequences the death of a provider will have on them. While it certainly isn’t pleasant to think of, all of us should make arrangements to provide the best prospects for our family’s future. It sounds much more intimidating than it is. It can be quite stressful to think of as no one wants to have their mind set on their own death. It’s piled on with the thought of the aftermath that it may cause. These are the 10 key tips to provide your spouse and family with health and support they’ll need once you’ve passed on:
1. How to Manage Funeral Costs – The best way to take the burden of cost off the weight of your spouse or children’s shoulders is to prepare for some of the expenses at the cemetery. It’s important to consider your religious affiliation before making a decision on what cemetery and type of funeral you choose. With that, the price of the plot can significantly wavy depending on what plot is chosen. You can prepay for plots that are in-between $200-$2,000. Cremation is typically in the price range of $500 to $700.
Read More »
2. Plan for Your Home – The plans you make for your home must be put in a will. A will is a binding contract if notarized that tells the living where your assets will go. Those of you who are in the top 1% will be leaving a taxable estate. Most people aren’t and will not have to think about this small loss. Your home will enter into probate regardless of whether you have a will or not. This is for the purpose of validating the will. It’s important to find a qualified estate planning lawyer to make sure your home and any other assets go where you want them to. They will know how to transfer deeds. This process is especially important if you will be leaving small children.
3. Plan for Your Insurance – Collecting life insurance should be a pretty easy task for your family. Most people get their policy through work; however, some choose to buy a private plan. You do not have to have a will to name beneficiaries. You can name your husband or wife and children with the company. They will only need to provide a death certificate when you are desist.
4. Keep Your Will in a Firebox vs Online – Wills should be kept secure in a locked firebox. Wills that are secured online can be hacked and tampered with. They can get enough information to hack social media accounts and steal your identity.
5. Establish Trusts – This isn’t so much for your wife or husband as it is for your kids. Your marriage partner can probably be trusted with a lump sum. Young people are often irresponsible with inherited wealth. A trust can control how they spend it and what time they get the money.
6, Understand What Will Happen to Your Credit Cards and Debt – Your wife or husband will not be responsible for taking on your debt. Any money they inherit will go directly to them without forfeiture; however,some of your property may be taken to pay them off.
7. Tell Your Household to Visit Your Accountant – It’s important to tell your husband or wife to visit an accountant, especially if you kept the will with him. It may also be a good idea if you would like him or her to have a good plan with managing any inherited wealth.
8. Keep a List of Your Bills – You need to know how much your husband or wife will have to pay each month to keep the household running. Understanding how much it will take will give you a good idea of how much to leave him or her vs how much to leave the children.
9. Decide Whether You Want Medical Life Support – Medical life support may be your choice of comfort. It is important to consider the financial factors involved. Spouses will lose income if you are on life support for a while. With that said, you shouldn’t decide to not have it to protect her or him financially if you want it. They may gain more from your assets and policies.
10. Make an Executor of the Will – Your husband or wife should be the first choice in most situations. With that said, you may want to leave an adult child to do it if your husband or wife is not in good health or is now mentally impaired. The executor is responsible for court representation and carrying out the will.
Taking your planning seriously and performing all the steps possible will lead to an easier transition for your husband or wife. You do not have to wait until you are on death’s door to make all these responsible decisions. It doesn’t matter what age you are. Your wife or husband will be mourning your lose if you die at any time. It isn’t wise to leave a bunch of financial strains along with that.
