Being Prepared for Where Life Takes You

We know how fragile life is just by hearing the news of the world each day. We often don’t think how directly that can hit us, though, and the simple steps we can take to prepare for it. Ensuring your family knows where important documents and passwords are, discussing end-of-life wishes with loved ones, and notifying your family of your funeral and burial preferences can greatly decrease the legal, financial, and emotional difficulties associated with your passing.

Benefits of Having Difficult Discussions with Your Loved Ones

A recent study demonstrated just how difficult it can be to talk about these types of concerns with loved ones. Aging parents and their family members are often on different pages with regard to end-of-life matters. Almost 70 percent of aging parents surveyed believed that they had talked at length with their adult children about end-of-life concerns and finances. However, when the adult children were asked about these issues, more than 50 percent claimed they had not discussed finances, where to find important documents, and end-of-life issues with their parents.

Making sure those closest to you are aware of your final wishes can bring great peace of mind. If something should happen to you, it is important to have some backups and plans in place.  Make sure to:

• Discuss your funeral and burial plans with loved ones
• Explain your wishes regarding life support and other end-of-life care to loved ones
• Inform your family about your wishes regarding organ donation
• Have all your passwords in one place so your close loved ones can access them
• Organize your important documents, such as life insurance information,  and make sure your loved ones know where to find them
• Take the steps needed so others can have access to your bank accounts
• Put more than just your name on car titles and home titles
• Include a primary and secondary beneficiary on all of your accounts

Planning ahead and having these types of conversations are gifts to your loved ones and can provide incalculable peace of mind.

Call Us for Help

It is important to be prepared for where life takes you. We are here to answer all of your questions and help you be better prepared. Call 630-228-9413 to reach the Naperville estate planning lawyers at the Gierach Law Firm.

Sources:

Think Advisor

Fidelity

The Balance