Our lives can often seem overwhelming with the never-ending to-do lists we create ourselves to manage our families, households, work and social lives. There are insurances to renew, bills to pay, finances to budget. Mixed with never-ending alerts on our phones with messages from numerous social media apps and all sorts of messaging services, we can feel overwhelmed with day-to-day admin simply keeping up with it all!
However, there are some life admin tasks that are really important to stay on top of. These are the ones that are there to protect our loved ones in the event of our death, and since we never know when our day will come, it’s really important we prioritise these life admin tasks and keep them updated and paid for.
Here’s a look at the end-of-life admin tasks you should stop putting off and why.
1. Writing a will
Writing a will is so important if you have assets and/or children. It will allow your wishes to be followed upon your death with regards to the distribution of your estate. If you have children and you sadly die before they are adults, then a will allows you to express who will have custody of your children until they are independents.
It’s never a nice thing to think about, but once you have your own family, own a house or have some money in the bank, then it’s important to write a will to ensure your wishes are followed on the event of your death.
If you already have a will then this is your reminder to check it. Reviewing it annually to ensure it meets your needs still, is a good idea. Things change and your wishes might change, so make sure yours is up to date.
2. Life insurance
When you buy a house with a mortgage then you’ll likely take out life insurance for the first time. It’s usually a requirement by a mortgage lender and the first time many people even consider taking out this type of insurance policy.
Life insurance will pay out on the event of your death during the term of the policy. If you own a home then you should take out enough life insurance to cover the mortgage should you die. This ensures your loved ones aren’t left with a huge mortgage they cannot afford to repay. The bank will get their money back and your loved ones won’t be left with a huge debt by themselves or having to move house at an already stressful time.
Life insurance can also be taken to cover funeral expenses or a lump sum to any loved ones on your death, as Kim Wilhelm explains in more detail. If you have children then it’s particularly useful when they are dependents, to ensure one surviving parent is not left in financial difficulty.
If you’ve had a life insurance policy for a few years then it’s important to check it to ensure it still meets your needs, especially with rising living costs, wage increases and/or if your income has changed.
3. Funeral plans
If you have a specific funeral in mind for yourself when your day comes, then you should consider investing in a funeral plan. Not only will this cover the cost of your funeral so your loved ones aren’t out of pocket, but you can also create a bespoke funeral plan to choose your own coffin and procession cars, right down to the stationery and music you desire.
Many funeral plan companies like Heart of England Funeral care have an extensive list of add-ons allowing you to pre-choose most aspects of your own funeral. Ultimately, a funeral plan will benefit your loved ones by ensuring most of the admin, decisions and payment is taken care of at an already difficult time when they are grieving. It also allows you to have the send-off of your choice.
One thought on “The end-of life prep you should stop avoiding”
Important article, thank you. It can be a real relief to get these things organised.