It is said planning is the first step to accomplishing your goals but at some point in life, you have to start the end-of-life plan. Planning for end-of-life planning is difficult and sad. Having to say goodbye and thinking about how life is going to end is difficult. You have to be emotionally strong and practical because all good things will end one day so too your life will. Here in this article, we will discuss how you should consider thinking about beginning the end-of-life plan process.
There are many different steps that you have to follow to make a smooth end-of-life plan. You can use the following checklist to make sure that you start a good plan for ending your life plan.
- Preparation of documents
- Decide on Will/Trust
- List out assets
- Find out end-of-life housing plan
- Plan for burial arrangements
1. Preparation of documents
Preparing for an estate plan and thinking about it is very difficult but once you come on to the line of practical application things will become smooth and easy for you to understand. If you know what you should do ahead of time then that can be a great help because you will become confident in the future course of action.
Arrange to get things done by preparing the will, transferring power of attorney, arranging for the donation of organs after death or tissues, clearance of business and partnership, and other commitments.
2. Decide on Will/Trust
Anyone can donate to the trust. It is not only for the rich and affluent but also for the common people. The willingness of the donor back to the society. For the rich and affluent people donating to the trust is a social responsibility. Plan for transferring your assets to the trust. If you are not willing to transfer to the trust then you can transfer your assets to your legal heirs or anyone whom you wish to do so.
By preparing a will you are ensuring to transfer your properties to the people whom you want to continue with. If you do not create a will and then you pass away then legal proceedings and government intervention may happen and the law may take its decision. Preparing a will is simple and easy and for trust, it is more complex. Will is not effective until you pass away but trust is effective as soon as you fund towards it.
You can use the will for naming the guardians, planning for final arrangements, list out how you want to transfer your assets, trusts are good for those people who are having strong control over asset distribution. Trust is private and distribution through a will is through the courts and through the legal system. Trust will ensure that your assets are protected as it will completely own the assets.
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3. List out assets
List out all your assets and liabilities. Find Out what will be left over to transfer to the legal heirs. The more clear information you have the better it is for transferring the assets. Put all your things in order to make a smooth transition. Find out the data on your accounts from your accountant.
Consult your tax advisor and pay off all tax liabilities. Payoff all your loans so that it is clear and get no-objection certificates. Finding out the market value of your assets, your real estate property, gold assets, investments, and others. By doing this you will be able to get a clear idea of how much is the net worth of assets.
4. Find out of life housing plan
Find out who you want to transfer your house to and who will reside in your house after you. If you have legal heirs then ask and discuss the distribution. It is very difficult to discuss but plan on how to talk and how to distribute so that there are no arguments and hassles in this process. Even after you leave the property distribution should not create a rupture within your members ensure that there is clear talk and understanding created when you are doing the distribution.
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5. Plan for burial arrangements
Plan for talking about difficult conversations with your loved ones. This is challenging but be practical about what you want to discuss. If you shy away then it is a loss for you as you cannot fulfill your wishes. Discuss what to do after you pass away, and discuss rituals and last rites if you have any religious specifications.
The conversation will be very tough and difficult but if you do not take a step forward then these wishes will never be fulfilled because you never expressed them. Follow your heart and speak your mind honestly with your people because only you can fulfill your wishes after you.
Take away
The journey of life is one-way destiny and all the assets you acquired, and properties that you owned will eventually remain in this world either to the legal hierarchy or go according to your will. Then it is good to decide on whom you want to take care of your properties and assets when you are alive. Take time for yourself, think practically and control your emotions, and think about planning for starting the end-of-life plan.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
