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No one wants to think about all the details for the end of life. While we all know it’s coming, the reality of it coming to us as individuals leaves us feeling fractured. There seems to be an innate desire to live forever and never leave the people we love. The truth is, we are all destined for the grave. And while we can leave a positive mark on the world we live in, we cannot act as if death will never happen. On the one hand, you don’t want to become obsessed with it, and on the other hand, you don’t want to ignore it either.
Have these difficult conversations once you’ve made all your decisions. It’s important to ask your family members if they are up to the task for some of these in the event you pass away earlier than you’d like. Once you’ve made these decisions and talked through them with your loved ones, there is no need to go through it again unless you decide to make changes.
Life Insurance
A good life insurance policy can help take care of your loved ones at your death. You can get an amount large enough to pay off your debts, and provide financial help to the people you love most. It doesn’t need to be creepy, it’s a good practice to get life insurance large enough to cover your annual salary 3-4 times over or to cover the amount of bills you owe. The amount of the final payout at your death depends on the premium you want to pay each month. You want them to think only about what to put in an obituary, not how to pay the bills while they grieve.
Death Insurance
Death Insurance is a little different. This is a smaller policy typically used to cover funeral expenses. Some life insurance policies include these, however, others do not. A death benefit policy may cover accidental death, but not death by illness. It’s crucial that you get a policy that covers all your bases if you want to provide the most financial help to your family in their time of need.
Will
Don’t leave your kids and spouse scrambling to figure out who gets what. Lay everything out in your will. You can even include details on what you want done during your funeral like a memorial video tribute or a special song sung. It seems challenging, but creating a will can alleviate a lot of stress at your death. There will be enough things for your loved ones to think about, disbursing your assets should not be one of them. Create a will using a lawyer to ensure it has everything it needs to be a good legal document.
Medical Power of Attorney
What happens if you get injured or experience a medical event that leaves you unable to make medical decisions for yourself? This is what a medical power of attorney will do. It’s someone who has your best interests in mind who will discuss medical treatments with doctors and professionals on your behalf.
The medical power of attorney will then make the best decisions they can regarding your care. Most married couples choose their spouse for this role. Other options may be a parent or sibling. The medical power of attorney can also dictate your medical wishes. For instance, if you do not want to be kept on life support for more than a week, you can list this out in your documents.
Child Custody
The question of who will raise your children if you die is a tough one to answer. Biological moms and dads are usually the best option. Some people choose grandparents, but depending on their health and financial situation, this may not be ideal either. It’s also hard to ask a friend to take on that role.
It’s vital to make sure you put in writing who will care for your kids in the event of your death if their other parent cannot care for them either. It would be tragic for them to be bounced from house to house after a tragic event just because you did not put your wishes in writing. Talk to the people you are considering and put together a list of who is willing and who is at the top of the list.
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