Whenever the topic of death is brought up, most people change the subject. However, despite being a grim topic, you must try your best to approach it with a practical outlook. Seniors need to prepare and take care of certain things before passing away, some of which can directly affect their loved ones.
Here are a few important aspects that a senior must oversee and cover before passing away.
1. Gather Enough Savings for Loved Ones
Even though it isn’t mandatory, providing for your loved ones in your absence gives you a sense of responsibility and happiness. If you don’t have a plan to spend your savings, you can either invest it in assets or distribute it to your loved ones. It’s a great parting gift and will help your family and friends in unprecedented ways. If you have children who still need assistance, are disabled, or are dependent on you, you must appoint an official guardian who can take care of them in your absence. At the same time, consult a medical professional who can walk you through the procedure.
2. Review Retirement Accounts and Beneficiary Forms
If you hold an IRA retirement account, you can include the names of your family or friends as beneficiaries. Before you do that, review the type of retirement account you hold and the concerned beneficiary forms. Other plans like 401(k) may need your spouse’s permission to change or add beneficiaries. If you have life insurance, revise the clauses, especially if your children or spouse need support.
3. Make Funeral Arrangements
You may also want to plan your funeral or make the necessary arrangements. Instruct your loved ones about the way you want your body to be disposed of. Some funeral houses also take bookings before the person’s death. Certain individuals also favor organ donation and wish to donate their organs to serve for a good cause after their death. If you are one of them, inform your family about your desire and contact concerned medical organizations. If you want, you can also float a mini autobiography as a part of your obituary.
4. Sort out Assets
Estate planning is crucial to sort your assets and hand them over to a responsible loved one whom you can trust. It involves complex procedures like writing a will and choosing the power of attorney. If the procedure feels overwhelming, take help from a professional. If you live in Arizona, you are in luck. The state has several experienced estate planning lawyers who can manage your estate planning, assist in protecting your property, and help you make important decisions regarding your assets. You can research and hire a competent Scottsdale estate planning lawyer who can help you craft a solid plan and sort your assets. Whether it’s writing a will, listing out heirs, choosing a personal representative, or distributing your assets, an experienced lawyer can help you through it all.
5. Create and Fulfill Your Bucket List
Having a sense of responsibility is crucial; however, you must also learn to live and fulfill your desires before you die. Most people have a dedicated bucket list. If you don’t have one, it is time to create one and check out every item on the list one by one. Whether it’s traveling the world or opening a small business, it is never too late to fulfill your desires.
6. Pay Your Debt
While saving to provide for your loved ones is necessary, paying your debt before death is even more important. Failing to do so will shift your debt to your children who have their own burdens and problems to deal with. Make sure that your debts are cleared and there is nothing left to be paid in your absence. If you owe a major amount in debt, appoint a power of attorney who can pay your installments in your absence and keep a record of your bills and payments.
Your power of attorney can be your spouse or a family member who is close to you. They should possess a strong sense of responsibility and always be on their feet. If you own a successful business, you can also hand it over to the person in charge.
7. Socialize with Your Loved Ones
Quite often, people regret not expressing gratitude and love to their friends and family. If you have just a few family members and friends you care for, it becomes even more important to spend time with them. Organize informal gatherings and dinner parties as much as you can. Meet your family and friends at least once or twice every week.
These factors must be covered by every senior in order to live the remainder of their lives comfortably and with no regrets. While most of these aspects concern your loved ones, you must also take care of your needs and fulfill your wishes. Most importantly, learn to live every day to the fullest.