This week I am finalizing my Will. I am not old and do not plan on dying anytime soon. In fact, no one does.
It Is Rarely Planned
Of the many things I have dealt with in my career supporting an employee’s family through unexpected loss is the most difficult. In all the instances where I was exposed to this at work it was always unexpected. Additionally, the people involved were relatively young. And, in almost all cases they were also unprepared.
Although I represented ‘the employer’ I did everything I could to support the surviving family through the paperwork and processes they had to complete.
The Sticking Point
There was one item that always came back to me from the families who had lost a loved one. These families always asked me to make sure that others were made aware of the importance of designating an executor.
Your Will
At minimum you should designate an executor to handle your estate. Without an executor your family’s ability to access funds can be blocked for a significant time-period. Consequently, impacting their ability to care for your funeral arrangements and family’s needs .
What I have done to ensure that my financial house is taken care of if I were to pass away unexpectedly:
- Set up automatic payments for your ongoing obligations. This is especially critical for mortgages on primary residence where your family resides.
- Have a discussion with your executor to ensure they agree to handle this for you and are aware of your wishes. If your executor resides in a different country than you do ensure that you speak with a professional on how to handle potential tax implications of this. Thereby, ensuring there is not a negative financial impact to your estate.
Ensure your beneficiary designations are up to date on all accounts, holdings, benefits and insurance policies.
Other Important Notes
If you carry a significant amount of debt, ensure your estate can cover these debts through available funds and/or insurance policies.
After your will is in place move on, put it away and go back to living a long and healthy life.
Additionally, all of our posts in the Personal Finance Series can be found here.
Finally, more great content can be discovered on our Youtube channel.
In memory of Jan, Andrew, Steve, Rick and too many others who passed before their time.
