Planning for end of life

Now more than ever, with the distractions of our phones and social media, it’s important to be present and stay in the moment. Counterintuitively, planning for our eventual death, even when it’s hopefully many years down the road, can help us do just that. If we don’t acknowledge that we will die one day, our loved ones might be left burdened by decisions and bills. Worse, we might have scrolled our life away on social media and not told the people we love the most how much they matter to us. 

At LifeWeb 360, we believe in celebrating life, which starts by recognizing how precious it is. Below are the most important things for you and your family to think about in planning for the future to make sure not only that your loved ones are cared for after your passing, but also that your legacy is preserved for years and decades to come.

• Should I make a will?

• Do I need life insurance?

• What types of medical decisions should I think about now?

• Do I have specific last wishes?

• What do I want my legacy to be?

Creating a will is a very important step in ensuring that your assets are distributed properly and according to your wishes after your passing. Anyone with dependents (such as a child or another qualifying relative), property, or personal possessions should consider drafting a will. This legal document provides clarity and prevents potential disputes between  your loved ones on who receives each piece of property or possession after your passing. The cost of creating a will varies, with certain online services offering budget-friendly options, as well as lawyers who provide more comprehensive services, although for a higher fee. Typically, you can expect to spend between $100 and $1,000. For many people, this process takes just a couple of hours.

When drafting your will, make sure that you include all individuals and organizations that hold significant value to you, and appoint a reliable and trustworthy executor to manage your possessions and estate. For those with young children, quite a few assets, or specific wishes regarding the assignment of assets and how they are managed, a trust might be a more suitable option. Trusts offer many benefits because they stay out of court, meaning privacy, control over asset distribution, and speed to distribute.

Life insurance is an essential component of financial planning, and most people can benefit from it whether or not you have dependents relying on your income.

Have dependents? Life insurance provides a safety net ensuring your loved ones are financially protected in the event of your passing. It can help to cover their living expenses, pay off any debts you may have, and generally give your family peace of mind during a difficult time. In a nutshell, you ensure that your loved ones can maintain their quality of life and meet future financial goals, even in your absence.

Don’t have dependents? Want to leave a legacy? You can name an organization you’re passionate about as the beneficiary of your policy, allowing you to leave a final gift and make a larger impact than financially may have been possible during your lifetime. Additionally, some policies build cash value over time which you can tap into during retirement or to pay for long-term care, making a policy a general  financial planning tool worth considering.

What type of life insurance? There are two primary types of life insurance: term and whole life. Term life insurance offers coverage for a specified period and is generally more affordable, making it ideal for temporary needs or shorter time periods. On the other hand, whole life insurance provides lifelong coverage and includes a savings component, though this kind of life insurance tends to come with higher premiums.

Planning for future medical decisions is vital to ensure your healthcare preferences are respected if you become unable to communicate them later on in life. An advance directive outlines your wishes for future medical treatment, providing clear instructions to healthcare providers and loved ones about specific operations or types of treatment. Similarly, a living will specifies your preferences regarding life-sustaining treatments, making sure that your future care aligns with your values and desires, even if you can’t communicate them in the moment.

Consider also designating a power of attorney, a trusted individual who can make medical and financial decisions on your behalf if you become incapacitated at some point later down the line. Additionally, deciding whether to be an organ donor can save other people’s lives and offer comfort to your family, knowing that you helped others even after your passing. These preparations, along with others, ensure that your future medical care reflects your current wishes and alleviates the decision-making burden on your loved ones.

Your last wishes can encompass many different preferences, from burial methods to the details of your memorial service. Deciding between burial, cremation, or a unique and different option like a biodegradable mushroom suit is a personal choice that reflects your values and desires, and also what you and your family are most comfortable with. Additionally, consider if you would like a memorial service and who should lead it—this could be a religious leader, family member, or friend.

Also, think about who you would want to give the eulogy, where they would share meaningful stories and memories about you, and who you want to attend the service. Whether you prefer a small, intimate family gathering or a larger celebration of life, these decisions ensure that your farewell and end-of-life plans align with your wishes and also provide comfort to those you leave behind.

Looking back and reflecting on your legacy involves considering how you want to be remembered and the impact you want to leave behind after your passing. Think about the values and memories you wish to pass on to your family and friends, and the organizations that are most important to you. What do you hope these people will remember about you after you’re gone? Financially, you could also choose to donate to nonprofits that align with your passions, or to schools, sports teams, or communities that have been significant in your life.

By planning your legacy, it ensures that your contributions continue to make a positive impact even after your passing and that your memory is honored in a meaningful way. Whether through charitable donations or your actions over the course of your life, your legacy is a testament to your life and the values you hold closely.

Ultimately, by thinking about the legacy you want to leave now, it will help you to live in a more intentional and purposeful way.