It is a well-known fact that in most cases death is not something that you can predict. Nobody can imagine or assume when their time will come. Sadly, many people may pass away unexpectedly, and as tragic as this event may be, it can also cause many problems for the families.
The unexpected family death can be emotionally and financially devastating for every member of the close-knit family, but even for the not-so-close relatives. For instance, if a person lacks a well-prepared plan about the distribution of his or her assets and dies unexpectedly in a tragic accident or experiences a heart attack, it will cause countless problems for the family. In other words, the assets may be lost or the family members would need to go through financial distress as an addition to the emotional one. Luckily, there are certain steps you can take to make sure these things don’t happen to you and your family.
In order for you to take the financial and emotional burden off your loved ones’ shoulders, it’s important to plan ahead. Here are five simple ways to protect your family in case of an unexpected death.
Life Insurance Policy
With every bigger life decision we make, such as founding a family, getting married, starting a business, or simply growing older, we come to realize that life insurance is a fundamental part of an estate plan. Making a life insurance policy will add financial security to your family and this is especially important if you have children or other family members who depend on your financial support. Moreover, the process of obtaining a life insurance policy is fairly simple and inexpensive, which gives you no excuse not to get one.
Deciding who will inherit your assets is a crucial step in the estate planning process. It entails preparing a will, a living will, and a power of attorney. If you don’t have an estate plan, the court will designate how your assets are distributed after your passing and assign a guardian for any children. On top of that, without an estate plan, your heirs could face paying huge tax burdens.
Prepare a will or testament
This important legal document states who should get your assets and properties, and it also specifies guardianship. Without a will, the laws of your country will distribute your assets and even appoint a guardian for your children. With this in mind, having a will makes your job easier at protecting your family in case of unexpected passing away. It is important that your family is aware of your last wishes and that’s the main purpose of a will.
Leave a farewell message
To put the financial aspect aside, the most difficult part for the family is losing the person they love. Leaving a farewell message for them would give them peace and comfort in those difficult times. There are many digital tools nowadays that would help you deliver these messages. Take Stornest for example, there you can store any document including a video or audio recording of your farewell message to your loved ones.
Organize your assets and share them with your loved ones
Finally, plan ahead and think about your heirs. Make your legacy planning checklist and take inventory of your assets. Don’t forget your digital assets, as well as any investments, retirement savings, debts, or liabilities. Once you have all your documents ready take a look at Stornest. This digital tool will help you organize all your legacy documents and store them securely. Assign your beneficiaries and they will get access to your legacy documents after your passing.
Discuss your estate plans with your family to prevent disputes
Ultimately, the best way to protect your family in case of unexpected passing away is to be open with them about your plans. Speak to them about how you would like to distribute your assets and be very precise on who gets what. Give them your reasons for these decisions and make them understand why you’ve made those decisions. By doing so, you would avoid any unwanted and unnecessary disputes and conflicts between your family members after your death. So, gather your family, prepare your will and testament, and take a closer look at Stornest. It’s easy to use, it keeps your documents safe, and you can try it for free.