The Finances of Dying: No one wants to talk about terminal illness, death or the fact that it will happen to all of us, eventually. It is an unpleasant conversation, but it must be done! As we live and work, we tend to accumulate a myriad of things- both tangible and intangible.
While many of us may not care about these things while we are dying, those we love and leave behind will be left with it. If we do not plan and prepare our loved ones for our departure, we will leave them with a mess of financial decisions that will be difficult to manage. There are many inevitable complications surrounding the finances of dying.
Put simply, if you have a surviving spouse or loved one who depends on you for their well-being (financial or otherwise), financial planning for death is a must. We owe it to them to do something useful with the things we accumulate especially if they are of value.
While personal goods such as jewellery, watches or heirlooms are easy to distribute, by way of a written instruction or a will, financial matters are more complex.
Finances of dying to consider are taxes, cashflow, power of attorney and delays while estates are being wound up, insurances and watertight protection against litigation. If you have money it is a guarantee someone will be after it.
Financial planning for death is a way to ensure that the wealth you have accumulated in your life is preserved for those whom you want to benefit when you are no longer there. Financial planning for death is an important legal document to the writing of your will. The will says “what”, the financial plan says “how”.
Money is not at the forefront of conversations when someone is dying. However, discussing the finances of dying is an important conversation to have. These are some top tips and suggestions when it comes to the finances of dying.
Failing to plan the finances of dying will leave your loved ones without financial support in the short run as well as cost them money in the long run. As many of your assets will be tied up and delayed, your family could be in financial trouble after your death. By taking the time now to financially plan for death, you ensure that your loved ones are covered while your assets are delayed as well as help them in their future.
If you have found this useful or want to share your experiences, share your thoughts and suggestions, stories and experiences with us. We would love to hear from you.
Don’t let dying be a plane crash disaster. Talking about dying has never killed anyone! If you or someone you know has an incurable illness, it is recommended to have discussions about the fear of dying early.
Looking for more information on the fear of dying? Stickman is an everyday guy who is here to help confront the issues of death and dying.
Dying To Understand is a not-for-profit Charity. Click Below for our Green Page Directory for more Death and Dying Resources.
When it comes to dying, we can never be too prepared. Death has a way of being permanent and anything left undone remains undone. There is a lot to do, but don’t get overwhelmed. Make a list of things that need to be done or organised, and use our tool to help make sure you’ve got it all covered.
When it comes to death and dying, expressing your views via legally supported documentation is essential. Usually, these legal documents take the form of testaments and wills, a power of attorney, estate planning and other matters your lawyer may consider. Whatever you do, try to avoid doing it yourself as it won’t survive if the vultures come, as they do, after death. Money spent on good legal documents and advice turns out to be cheap in comparison to drawn-out court cases when someone contests a will.
Stay in control even when you are not. When your health is fading, and death is nearer, medical care will undoubtedly increase and your wishes associated with this care are important.
Important things to consider to support the dying process are advanced directives, resuscitation instructions and, most importantly, exploring the benefits of palliative care. It’s important, for living and for dying, to be informed.
Even though you cannot take it with you when you die, you do want to ensure that your assets are protected. Seeking financial advice about estate planning before dying is essential. Why pay unnecessary tax and fees if you can avoid it. Seeking professional help to ensure your estate and other assets are safe and directed where you want, is of utmost importance for both you and your family or friends.
After death comes the funeral or the farewell. Most people think of funerals or cremations negatively. They are not bad, they are events that play an essential function in society and are an important part in the dying process in that they honour the life lived, deal with grief and, most importantly, dispose of the deceased body.