End-of-life planning isn’t something that most people want to think about, but ensuring that you have a plan for the future when the time does come is of great importance to yourself and your family. However, when you’re developing your plan, what should you be most focused on? If you’re currently approaching the end of life and are looking to get your affairs in order, here are some of the key things to consider so that you and your family experience greater stability over the long-term.
End-of-life care can be expensive, and death is often accompanied by other costs, such as those left behind by the one who has passed or the costs associated with burials and funerals. Because all of these costs don’t go away while you’re still around to take care of them or when you pass, financial planning is one of the major focuses that you should have at this point. Set aside some time to sit down with a financial planner or on your own and assess your current situation. With a better understanding of your financial health, the resources at your disposal, and what you need to do to move forward with greater confidence, you’ll be better prepared for the future.
Of course, your financial situation will depend upon your health as well. For example, let’s imagine that you’re currently faced with a terminal illness that’s financially draining. In events like these, planning for the end of life isn’t so cut and dry. Fortunately, there are solutions. One of the best resources to turn to if you need help financing your treatment and taking care of other responsibilities is a viatical settlement. A viatical settlement occurs when a third party purchases your life insurance policy so that you can receive one lump sum cash payment that’s less than your overall death benefit. This gives you access to quick cash that can serve as emergency funds when you’re truly struggling to pay the bills. Keep resources like these in the back of your mind so that, should you need them, you can take advantage of them when the situation calls for it.
End-of-life planning looks different for everyone. For some, they anticipate passing away sooner because of health complications. For others, end-of-life planning is done to protect their family should they pass unexpectedly. When it comes to this planning, some areas can be overlooked.
Take, for example, your home. Your home will serve as your central hub for years to come. However, it can be difficult to navigate as you grow older, increasing the need for you to pursue renovations that can make it easier for you to function in your space. If you don’t believe you’ll be experiencing any issues, following through on renovations anyway can boost your property’s value, so you have greater access to funds should you need them in the future. Consider looking for a guide to home renovations that can help you target some key areas, like your roof or your landscaping, so that you get more out of your space.
One of the most involved processes that you will undergo is estate planning. This will entail getting all of your documents together, coming up with your will, and figuring out who will receive which assets or belongings in your family. Developing a living will for if you should find yourself incapacitated and unable to communicate with healthcare providers helps you develop a living trust, safeguard all of your important information and documents, and so on. Although this is an extensive process, it’s one that you should take care of as soon as possible.
End-of-life planning can be overwhelming and uncomfortable, but everyone needs to do it. To help you target all the most important areas, use the guide above to learn more about how you can get started and what your most pressing focus should be at this point.