Have you ever done the exercise of writing your own eulogy? It’s kind of interesting to think about how you want to be remembered. Do the things you are passionate about show through to other people?
If nothing else, thinking about how people will remember you is a great incentive to living each day to the fullest.
When I write a financial plan for someone, including their passions and dreams is an essential piece of the puzzle. We’re planning for today, and tomorrow, and maybe even for the well-being of those who are around after you’re gone. What we’re really doing is planning your story and we want to make sure it has a good ending.
Some people call this Estate Planning. That’s kind of boring. I prefer “Writing a Great Last Chapter”. So what do we include in this last chapter? There are two main topics. The first is making sure you are well cared for and the second is making sure those who take care of you or your estate when you’re gone have everything they need to do a good job.
I’ve put together a quick list of things to think about. This is not all-inclusive and a meeting with a lawyer will give you a customized list for your situation but this is a good start. Take the time now to go through the list and take action. Some of these are very easy. You want your story to be a good one. You can write the outline of the last chapter now and enjoy the ride knowing you’ve done everything you could to manage any bumps on the way.
Making Sure You Are Well-Cared For
Hopefully you are physically strong and will continue to be. Just in case you’re not, think now about your preferences, so you can enjoy the best possible lifestyle.
- Is there someone who can take care of you?
- Do you have the assets to pay for extra help? If not, do you have long term care insurance?
- Would you prefer to “age in place” or live in a retirement community or assisted care facility?
- Would your home need modification to be comfortable and safe as you age?
Making Sure Those Who Care For You and Your Estate Have What They Need
- Who would you want to make medical decisions for you, if you couldn’t make them for yourself?
- Do the people you have selected have the skills and desire to help you with these responsibilities?
- If you are incapacitated, who would pay your bills for you?
- Does that person know where to find all your account information (including online accounts)
- Have you given them the necessary legal tools to help you, such as a will, trust, power of attorney and Advanced Medical Directive? They can’t act without these essential documents.
- Will those you love and the people who help you, receive those things you want to leave to them? Do you have a will and are the beneficiary listings on your life insurance and retirement accounts up to date?
This is your story to write. Make the Last Chapter as good as all the rest.