Knowing that you have been given a death sentence by the doctor can be hard but you just have to take whatever life gives. Even if you die, you still have to think about other people whom you care about that will survive you. Putting all your affairs in order before you die can prevent complications and quarrelling in between family members.
Prepare a Will
It is essential that you write a will to dictate all your wishes. You can get an attorney to write the will or you can use a free will template. Movavi PDF Editor provides a free last will and testament template PDF which you can use to compose your will. In the last will and testament form, you can provide information about your name, address, executor’s name, and bequeathing of the inheritance. All the fields are fillable when you insert the cursor. You can also add e-signature that you have signed on your tablet.
Dictate the Beneficiaries
In the will, you can write down the name of the persons or charity organization that will receive your belongings. The will is not necessarily a document where you instruct how your money, assets, and estate will be divided. It can also used to give instruction on other things, for example, who you leave your cat to take care after you die, and who will be looking after your underage children.
Regularly Review Your Will and Beneficiaries Accounts
It is important to regularly review your will since you may change your mind every now then. If you change your mind, you can always ask the lawyer to edit it. All changes must comply with the local laws because they can be legally organized. You have to make sure your beneficiaries accounts are updated if you have life insurance and retirement accounts. The beneficiaries should be reviewed especially when the family situation changes. This is because the account transfer based on the beneficiary designations.
Compile All Necessary Paperwork
The next step is to compile all your paperwork such as insurance policies, property deeds, birth and marriage certificates, tax certificates, savings and investments statements, and etc. You should keep them in a single place like a drawer or file so that you can easily find them. It will be best if you can let your executor and your family members know where the paperwork and will is kept. If your will cannot be found, everyone will ignore your will.
Pay Off Your Unsecured Debt
You should do your best to clear up all your unsecured debts that are not tied to your property. Examples of unsecured debts are credit cards, and loans. If your unsecured debt is cleared, it will reduce the time it take for your beneficiaries receive the inheritance.
Assign a Finance Manager in the Event of Serious Illness
You can get help from someone if you’ve grown worser from your illness and cannot manage your money. The person should be someone whom you can trust in financial matters. The person can help you to obtain the money that is needed to perform chores like health treatments and paying bills.
Put Your Digital Assets in Order
Besides the physical assets, you also should put in order your digital assets. You will have to assign someone to take over your social media accounts, websites, blogs and other online activities after you have passed away. The person should be experienced in managing online assets.
Make Preparations for Your Funeral
The final arrangements involve making preparation for your funeral. You must determine how the funeral services will be paid for. Usually, people will use pay-on-death bank account to pay for funeral expenses. Instead of including it in the will, you can inform a friend or estate administrator. This is because the will is usually not read immediately.