This sucks as a topic sentence but the truth isn’t always tasty, so here goes: Contemplating death is not something most folks like to think about. Yet, if you want your transition to be as smooth as possible for your loved ones, recognizing the emotional turmoil they will undoubtedly be experiencing, having your affairs in order is a loving and thoughtful way that can prevent further turmoil.
However, before you Google “wills,” take the time to consider what you want for your family in the event of an unexpected tragedy or the inevitable. Taking sufficient time to thoughtfully deliberate about your intentions before you meet with an attorney will also save you money on attorneys’ fees, and who doesn’t want to save money these days?
Your considerations should probably start with your loved ones:
- If you have minor children or dependents, then they will need a guardian.
- If you have a pet or pets, then you should consider who would be best and willing to care for your cockatoo or kitty.
- If you own a home, then who should pay the mortgage?
- Are the beneficiary designations on your retirement accounts accurate?
- What should happen if 1 of your 2 children becomes disabled? Should the distributions still be absolutely equal?
- What type of gift should you consider for your niece or best friend’s daughter who’s also like a daughter to you but you have 2 other children?
- Who gets your favorite blue sweater?
Many questions that we need to have answers for to get our affairs properly situated, don’t involve money. Still, the sooner we can answer, “What if?” and “Who?” the sooner we can create a sustainable peace of mind over both our financial and personal affairs.