Getting Your Affairs in Order: 5 things to do before you die
The famous quote that “nothing is certain in life except death and taxes” is as true today as it was when Benjamin Franklin coined it during the 1780s.
While nobody likes to think about their own death (or pay taxes for that matter), it is a serious subject that deserves proper planning. Doing so isn’t morbid or pessimistic — it’s thoughtful, empowering, and practical.
Putting your affairs in order, especially as you or loved ones approach their golden years, can provide peace of mind, rather than leaving you worried about unfinished financial affairs. After all, no one wants to leave unpaid bills, unanswered questions, or a disorganized mess for their children and loved ones to sort through.
Here are five things you can do to get your financial affairs in order:
1. Get your legal documents organized
A solid estate plan is foundational. This typically includes a will or a living trust. These documents spell out how your assets should be handled and who is authorized to act on your behalf after passing. Naming beneficiaries, updating account information, and keeping your financial record keeping current helps ensure your wishes are honored and avoid unnecessary stress or disputes for your family later.
2. Determine your care preferences in advance
Healthcare planning goes beyond routine doctor visits. It includes preparing for the unexpected. Advance directives, a healthcare power of attorney, and long-term care planning allow you to clearly communicate your preferences if you’re ever unable to make healthcare decisions for yourself. By choosing someone you trust to speak and act on your behalf, you help ensure your care aligns with your values — and spare loved ones from having to make difficult choices without guidance.
3. Organize financial information and important records
Make it easy for those you trust to step in if needed. Create a clear record of bank accounts, insurance policies, investments, debts, passwords, and key contacts. Keep documents in a secure but accessible place and let a trusted family member know where to find them. Organization today can help prevent confusion and frustration tomorrow.
4. Declutter your lifestyle
Amid the spring-cleaning season, it is an opportunity to declutter by donating, selling, or passing on items you no longer need. While letting go of the stuff we’ve accumulated can be hard, it can be surprisingly freeing. Some retirees also find that downsizing to a smaller, simpler home reduces expenses and stress while improving quality of life. Letting go of excess material belongings can make room for more flexibility, comfort, and enjoyment.
5. Shield your loved ones from end-of-life expenses
A recent survey found 47% of Americans 65 and older worry about burdening loved ones with the cost of a funeral and burial or cremation after passing. While the average cost of a funeral and burial exceeds $8,000, many Americans have no money set aside to cover this expense. One solution is final expense life insurance, which is an easy-to-qualify permanent life insurance option that provides quick, flexible tax-free* funds to help cover funeral and burial or cremation expenses — or to offer additional financial support for any other purpose when families need it most.
Planning doesn’t take away from living — it enhances it. By taking these steps now, you can move forward with confidence, knowing you’ve put thoughtful preparations in place and can truly enjoy the retirement you’ve worked so hard to achieve.
* Consult a tax professional to understand tax implications for you.