I don’t know what has been going on lately, if it is Covid or something else, but there appears to be a sudden increase in questions involving deceased family members and what to do now. I get it, if you are single, in debt then this may not apply - but at least have a “kick the bucket” file/folder and let someone know about it. Then there are no questions as to what you wanted and what you had.
If you have responsibilities (assets, family, businesses, etc.) there’s no excuse for you teenage child coming on r/personalfinance to get advice on what to do next after your “sudden demise”.
-
Have a will - these are easy, give it all to one person, split it up, think of it as Christmas after your funeral. It’s a gift to the ones you left behind! This can be monetary or other items. I’ve seen too many families fighting over stupid money/things because someone didn’t leave a will.
-
Have a place where all your account information is readily accessible. This can be a file/folder in a physical location it can be in your computer (leave the password to get in to your computer). There should be no question on how to access your banking, investment, insurance, debts, etc. How easy do you think it will be for your spouse/partner/child to locate that one 401k plan from 1997 when you worked at that company for 18 months and you just let it sit instead of rolling it over?!!
-
Finally - get some life insurance! You don’t need whole life, you need simple term life. Maybe your employer offers it, get it and make sure it (and the amount) are included in the info in #2. If employer doesn’t offer it - go get 20-30 year term life. Your spouse shouldn’t have to worry about making mortgage/rent payments while they are grieving, nor should your college age kids need to quit school to take care of your partner/spouse, nor should your younger kids wonder if they need to move or how they will pay for clothing!
You don’t need to leave behind an inheritance the size of a small country, but taking care of the remaining house mortgage, or the kids college education or even just 5 years of your take home salary will mean so much to the ones you left behind.
If this helps just one person, I’m glad I took the time to write it! Good luck, stay safe, and remember our legacy lives on well after we are gone!
Edits-spelling/grammar errors…not enough coffee this morning.
Submitted September 11, 2021 at 09:05AM by NCFlying https://ift.tt/2YNnyQR
