Ok so reading about your early exit may not be the best way to start your day but this is really important. Dealing with the death of a family member is hard enough without having to deal with a tangle of financial affairs. To make things easier on your family in the case of your sudden demise, take follow the following steps to simply your affairs. Then you can go on with the business of living.

Simply your affairs by following these steps:

  1. If you’re unable to discuss your financial situation with your family while you are alive, then write a letter that contains all your last wishes, including burial instructions. Make sure that you leave this letter in the same place as your will. It’s advisable to set a limit on your funeral expenses, since often survivors are in such an emotional state, they find it difficult to resist pressure from funeral directors who try to sell them expensive, unaffordable funeral services. Take that pressure off them by stipulating a modest funeral.
  2. Your list should direct your family as to how you wish to be disposed of, i.e. buried, cremated, or have your body donated to science. The funeral arrangements should be included, especially any information regarding a funeral plan or life insurance to pay burial expenses, whether or not you’ve selected and paid for a burial plot, whether or not you wish to have a religious service, any speakers you might want, or whether you wish donations to be made to charity in lieu of funeral flowers.
  3. Store all important documents in one place and certified copies at another location. These should include birth certificate, marriage, divorce, and prenuptial documents, important business, insurance, and financial records, pension documents, title deeds, and insurance policies. Give copies to trusted friends or relatives.
  4. Draw up an inventory of assets and liabilities. Make a list of investments, property title deeds, household contents, and bank accounts. It would be useful to make a summary of expected death benefits. Leave the contact details of your executor, financial adviser, or lawyer who you wish to handle your estate. Leave instructions of where your will is kept.
  5. Most people want to spare their families financial stress so your estate planning should provide an emergency fund for your surviving family to ease them over the period following your death. You can either choose a life insurance policy that does this, or set up a money market account in their name and provide them with an ATM card to access these emergency funds in the case of your demise.