No one wants to think about dying, but planning for it makes life easier for your grieving loved ones. Make tough decisions now so you can guide them through tough decisions after you die. This guide explains what you need to know about end-of-life planning. Use it as a checklist to avoid forgetting any essential steps that will make your passing more bearable for your family.
1. Think About Your Power of Attorney
Older individuals lose their memory retention at various rates. You may not be able to make healthcare decisions for yourself. Think about who could make those decisions with your best interest in mind. You’ll have to legally authorize them to do so with a power of attorney letter that deems them your healthcare proxy.
Power of attorney also covers your financial assets, but it will require secondary paperwork. It might be the same person as your healthcare proxy or a different individual. Once you’ve thought of a person or two who could step into this role when you need it, start the conversation with matter-of-fact frankness. Give them time to consider before asking a lawyer to draft anything.
2. Reflect on Your Wishes
What would you like to happen with your body after you die? Many people want a memorial followed by a traditional burial. Some prefer cremation or a specific death ritual that follows their religious beliefs.
Reflect on what you want and consider other related factors, like where your loved ones should bury you. You should also think about how your family will cover the funeral costs. Caskets alone can cost up to $10,000, which may not be possible with your family’s budget.
Write these wishes in great detail so no one becomes confused when deciding what to do with your body.
3. Consider Your Housing
Your loved ones will also have to navigate housing decisions for you if you can’t take care of yourself. Clarify if your loved ones should keep you in your home independently as long as possible or move you into a specific facility with 24/7 care.
This decision may be simple if you start your end-of-life planning while you’re young and healthy. It gets more complicated if you want one thing, but a recent health diagnosis forces you to choose another. Deciding on your housing wishes comforts your loved ones because they’ll know you’re in your preferred living space.
4. Decide on a Will or Trust
Allocating your assets is an essential part of end-of-life planning. You can do this with a will or trust, but everyone should learn the difference before starting any paperwork. Both forms transfer your assets to loved ones after your death, but they handle that in different ways.
A will goes into effect right after you die, so there’s no waiting period before beneficiaries can sort through your things or assign parental guardianship of your kids. A trust is separate paperwork that holds your property for specific people and doesn’t outline your wishes for things like guardianship or power of attorney.
There are specific laws that make a will or trust legally binding. It all depends on which you choose, which takes your properties, financial assets and post-death wishes into account.
5. Look Into Your Healthcare
You may need to change your health insurance plan if it doesn’t cover what you’ll need towards the end of your life. You might not have passive income to cover hospital bills or family members who can afford your care. Medicaid also makes hospice care free if you stop treatments for terminal illnesses and still need care at home or in a residential community. Compare private and public coverage options so your spouse or healthcare proxy doesn’t get extensive bills during their time of grief.
6. Draft Your Obituary
If you’d like your local newspaper to print an obituary for you, write it early. You can use it as a final way to say goodbye to your loved ones. It also prevents them from experiencing the emotional turmoil of writing one so soon after you die, which they may not be able to do in their state of grieving.
7. Clarify Organ Donation Wishes
Donating your organs could save up to eight lives and help even more people if you clarify it in your will. Talk with your doctor about your organ viability. If you don’t have a history with diseases like cystic fibrosis or a long-term habit like smoking, your organs could save lives without affecting your wishes for an open-casket funeral.
8. Make a Financial Checklist
A financial checklist helps your loved ones sort through your finances after your death. Everything will be in one place. Record all pertinent information for things like:
- Properties
- Mortgages
- Stocks
- Debts
- Insurance plans
- Bank accounts
Even if your loved ones only hold onto things, they’ll have all the account numbers and log-in information they’ll need in one accessible file.
9. Determine Who Gets What
You also have to decide where your properties and belongings will go. Describe which beneficiaries will inherit what, if they should donate anything or if they should sell things. This is an especially crucial point of contention for people who own great wealth before they pass. Determining who gets what will prevent arguments between your loved ones so they can focus on healing together.
10. Record Preferred Advance Care Directives
Should your spouse or relatives sign a Do Not Resuscitate (DNR) form for you or keep you on life support? Advanced care directives are highly personal decisions that are difficult to make without your input. Record what you’d prefer so no one carries guilt about the care decisions they make for you.
Start Your End-of-Life Planning Today
These are just a few things you need to know about end-of-life planning. Consult your lawyer for any extra steps related to your assets. You’ll find the best path forward that takes care of you and your loved ones.
