Thankful for Today, Prepared for Tomorrow: Simple Steps to Plan for the Unexpected
As we enter the season of holiday adventures, games, food, conversation, and reminiscence of loved ones who are no longer with us, we cherish our families more than ever and vow not to take these moments for granted. Such emotions may renew our determination to create appropriate “what-if” plans to protect our children and grandchildren.
If you’re ready to take action, but find yourself overwhelmed or distracted, you’re not alone. The process can seem daunting and scary. Instead, give yourself grace for thinking about it, and consider one or more of the baby steps below that might help you get started. Each idea can be independent of the others so go with the one that speaks to you the most.
Take inventory of your assets and possessions – Start by listing items with special meaning or significant value such as homes, cars, bank accounts, investments, business interests, family heirlooms, collectables, or jewelry. Once the list is formed, take each item one by one and decide what your wishes are and the legal steps to carry them out.
Close your eyes and imagine that the unthinkable has happened – Below is an exercise to guide you. While you may feel uneasy or emotional, remember that the goal isn’t to dwell on “worst-case-scenarios”, but to provide peace of mind for yourself and your family. Follow the steps in order.
Imagine that YOU get hit by the proverbial bus. Consider these questions:
Aside from sadness and grief, how will your absence impact your family?
What contributions do you currently make to the family and how will those left behind fill the void?
How does your role change throughout the day, week, month or year?
Imagine that YOUR PARTNER is the one that doesn’t make it home tonight. Answer the same questions as above, substituting your absence with their absence.
Once you’ve gone through those exercises, list the top concern in each scenario (e.g. who will watch after the children while your partner works, or how you will replace your partner’s income if he or she dies). Create a plan to alleviate each.
Repeat the process for the next biggest concerns.
Rinse and repeat this exercise once a year to accommodate life changes.
Have conversations – Talk to others about their end-of-life plans. What arrangements have they made? Ask the widows or widowers in your family what they would have done differently. Casual conversations while washing dishes or watching football can spark some great ideas and be motivating.
Do all you can do by yourself – If your partner is dragging their feet, don’t let that be a reason to kybosh your “what-if” planning. You can still get life insurance quotes, talk to an attorney, and write out your wishes for a funeral without them. When they see you doing the work, they may suddenly decide that they want a say in the matter and get involved.
Celebrate small wins – Planning isn’t an all-or-nothing task. Reward yourself for accomplishing a task. Each step you take is meaningful progress.
Don’t let the unexpected catch you unprepared. Start with one or more of these ideas this holiday season to begin your planning journey. If you have questions or run into any roadblocks, let us know here: https://www.affairsinorder.com/stay-informed
Happy holidays!
Corey
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