1. Prepare a will:
Writing a will allows individuals to designate how their property, finances, and other assets should be distributed upon their death.
2. Make an inventory of assets:
Creating an up-to-date list of all possessions can help make sure that everything is accounted for when the time comes to settle final affairs.
3. Designate a power of attorney and health care proxy:
Designating someone as a POA or HCPC means that the individual chosen will have the legal authority to manage financial and medical decisions if incapacitated.
4. Make end-of-life arrangements:
Making funeral arrangements ahead of time can take some of the burdens of family members in times of stress and grief.
5. Make digital plans:
Making arrangements for digital accounts and online information can ensure that all digital legacy is properly managed upon death.
6. Update beneficiary designations:
Updating beneficiary designations on life insurance, IRAs, bank accounts, etc., can help make sure that assets will be distributed according to one's wishes after death.
7. Create a record of important information:
Compiling a list of important documents such as financial account numbers, passwords, Social Security numbers and contact info of advisors should be made available to someone in the event of death or incapacitation so they have access to necessary information.
8. Review end-of-life documents:
Documents such as advanced directives, living wills, and medical power of attorney should be reviewed to make sure they are current and reflect individual wishes.