May 12, 2017

If you were to pass away suddenly, how would it affect your family? Planning ahead in the event of your passing is an understandably difficult task, but it is also important. By planning ahead, you help secure a better future for your loved ones if you or another caretaker passes away. Additionally, you remove the burden of decision-making and logistics, allowing them to grieve without further stress.

In the list below, we cover the most important actions you can take to plan ahead:

Gather Your Important Information

Compile a list or folder that outlines your income, assets and the locations of important documents. Let your loved ones know where this is stored so that they do not have to hunt for this information when they need it. Your folder may include:

• Account & card numbers, as well as the necessary access information or logins, including checking, savings, 401K, or college savings for a dependent.
• The deeds for property you own, such as land or a vehicle.
•  A detailed breakdown of your investments, and your key financial contacts (your broker or financial advisor, for example).
• Detailed account information for any monthly bills like rent, electricity, car payments, phone bills or loan payments. When are these bills due? What amounts? If you have a spouse who is not involved in paying the bills, make sure you add his or her name to the necessary accounts.
• Location, key and access information if you have a safe deposit box.
• Information about your ancestry or family that you would like to pass on.
• Usernames and passwords for other online accounts or devices (social media, computers).

Leave A Will

If you don’t leave a will, your assets will be divided according to state law, which may not align with your intentions. While it may seem intimidating, creating a will does not have to be a difficult undertaking. There are numerous resources that will help you create a will at no cost or for a small fee. Remember, your signature must be accompanied by those of two witnesses who do not stand to receive anything after your death.

Invest in Whole Life Insurance

If you don’t already have life insurance, consider the financial security that purchasing a policy can provide for your family. Finding the right coverage for your needs is easy, as there is a wide variety of plans available. If you’re not sure how much you need, consult KSKJ Life’s Life Insurance Need Calculator.

If you already have a life insurance plan, double-check to make sure your beneficiaries are up-to-date, and that your payments are current. Make sure to note your policy number or other details for loved ones to reference.

Choose a Representative

Of your family or close friends, who should have the responsibility to make decisions in your stead once you have passed or are no longer capable? Once you’ve made your selection, grant this person “power of attorney” and/or make them the executor of your estate. Depending on your situation, it might make sense for this person to be a trusted family member, or an unbiased external party, like your lawyer.

Express Any Additional Preferences

Be as detailed as you’d like with any other instructions that might not be covered in your will. You will lessen the burden on them in this difficult time by providing explicit instructions for funeral arrangements, preferred charities for donations, even how you would like to handle the care of family pets.

Of course, a general checklist may not address your family’s very specific needs. That’s why it’s important to complete the last item on our list:

Talk to the Experts

While you may be able to complete a majority of preparation on your own, it’s important to make the time to speak to an expert that may have additional insight into your unique situation. Now that you have gathered all of your financial information, speak to a financial planner or estate attorney. Ask if they can advise you as to anything you may have missed or not considered. Additionally, when you are considering life insurance policies, it’s helpful to have an expert on your side. Request a quote by filling out the form below to speak to a trusted KSKJ Life agent.

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