You don’t prepare for death for yourself but for your loved ones. It is hard enough when you lose a loved one why not try to do your best to make it less painful for them by being prepared for that day. I wish I could tell you that we all will get out of this world alive but we don’t so what are you going to do now for your loved ones.
What ever you do can help a lot. The more you prepare and talk with your loved ones it can help even more. Just don’t worry about being perfect. I am sure all the prep work Darlene and myself do each year that some things will come up that we never thought about.
We also have prepped our boys on what to do and who to call first if something weird happen and we both died at the same time. I know that is a small chance of happening but it could happen as easy as driving to the grocery store together and getting in a bad car accident.
Not only having prep meetings with our boys we have covered with some of our closest friends and relatives on where our Death prep notes are and other important information.
Without being prepared for Death it can not only cause your loved ones emotional pain but also it can create legal issues and can cause financial losses. So many people I talk with about their Financial Freedom planning, Retirement planning and helping them get out of debt never want to think about what happens in the case of death. Same thing when I sold Life Insurance. People would run from me when they heard I was an Insurance Agent. LOL
As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
Here is a rough list of things to start with your Death prep for your loved ones.
- Make a To Do list in the order of what you feel they should do first.
- List out Important phone numbers to call.
- Get all Assets and Accounts in both names with or in the middle. Example is “Darlene or Bruce Mills” on Real Estate Assets, cars, Bank Accounts, Brokerage Accounts, Credit Cards and more.
- Get a Lawyer and do up Wills that will have your final wishes, future wishes and end of life wishes. So, we have a Will, Living Will, Health Directory and more.
- Get with your Financial Planner. Darlene is going to have them take over Management of our Stock Portfolio. I have Darlene meet with them once a year to be comfortable with working with them in the future.
- Have your Spouse meet with all your Accountant, Financial Planner, Insurance Agent, Real Estate Agent, Banker and more.
- Involve your Spouse in everything you do towards bills, car maintenance, house maintenance, Investments and more.
- Make a list of all your passwords of websites that you use.
- Make a list of passwords for your Cell Phone and Computer.
- Line up a good friend or relative that can help your spouse with all the things to do after death and show them everything.
- List out any Funeral and Burial Plans.
- Obtain a copy of the Death Certificate and make at least 25 copies to start with.
- Notify relatives, friends, business colleagues to doctors.
- Contract your Funeral Director if you planned on having a Funeral. We are going to be cremated and do our own celebration of life with family and friends.
- Grab a Note Book to keep track of each item you have done. List the date, time and who you talk to when you called. Also list any action plans or when they say they will get back with you. Have a separate page for each item.
- Start files for like the following; Death Certificates, To Do’s, Items Done, Investments, Expenses, Taxes, Notes, etc.
- Locate all important papers that you will need.
- Call your Life Insurance Agent if you have a Policy with them to get the process started to receive your money.
- Call your Lawyer who did your Wills. Also have your Lawyer redo your Wills.
- Get with your CPA for more advice and on Taxes.
- Grab your Death Prep file to start moving forward.
- Meet with your Financial Planner and decide with them what to do next. Possibly meet with them quarterly until you fill comfortable with things. Also maybe hire them to manage your Investments.
- Contact your local Social Security office.
- Sell their Car and Cancel the Insurance you have on it.
- Sell their Hobby Equipment and take it off your Home Owners Insurance.
- Cancel any of their Subscriptions. Like maybe the NFL Network, etc. Look thru Credit Card bills closely to make sure you didn’t miss anything or get a New Credit Card and cancel the old Credit Card.
- Get all Utilities, Insurance, Assets etc. into just your name.
- Think about possibly selling your House and finding an Apartment to rent if you don’t want to maintain the house.
- If they were a Veteran, contact the nearest Department of Veterans Affairs.
- If any large Medical bills at the end try negotiating a settlement price or possible make just the minimal payment.
- If really sad think about joining a Grief Church Group or go to Grief Counseling. I’ve done both before and read the Bible and many Positive Thinking books.
- If you need more assistance, call Social Services or Welfare agencies.
If you need more help, I can help with my Coaching service. I just want it to be smooth as possible for Darlene after I pass away. I don’t want her to have to deal with a ton of crap, I want her to go on with life and enjoy it. That is what life is for to enjoy it. The first person I lost that was close to me was my Dad and it was so hard on me and other family members.
Remember if you do not legally document what you want done with your assets after you die, the courts will decide for you. This means that an unnecessarily large portion of your assets may go towards federal and state taxes. It may also result in your assets being given to someone, you’d prefer not to give them to. So, prepare now.
“The definition of insanity is doing the same thing over and over again, but expecting different results”. By Albert Einstein. I would also say the definition of insanity is believing you can live a financial responsible life without tracking how you are doing, having a budget and goals. I like following others who track their finances to compare our also. I enjoy helping people with their finances and goals.
We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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