Life, there is a beginning and an end. Through life, our journey often entails going to school, working, hobbies, and socializing. It is safe to say that we are all trying to live a life that is most fulfilling. Yet unfortunately, we all have to think that one day, we won’t be on this earth anymore. This can be extremely scary and tough, especially when you have precious loved ones to think about. I am here to help ease this journey for you. If you haven’t thought about the end of life, I encourage you to start thinking now. It is a lifesaving plan that will help ease you and your family’s journey through life. 

To help, I want to draw attention to a critical area that should be planned and that is a Will. Not only the traditional “property will” but the undercover living will.  I want you to be fully prepared through life so, carefully review some of these tips outlined for you below. 

Living Will

When we think of a will, it often involves beneficiary(s) and what property, money and possessions they will inherit. Although this is true, there is one more hidden piece, and that is the living will. You also have to account for your exact (physical) wishes upon leaving this earth. Some key questions include:

1. Who will be your designated caretaker (the person(s)you choose to honor your wishes and can sign documentation on your behalf)? (for example, your family, friends or legality)? 

2. If you’re near the end of life, do you want to transition naturally (no medical) or hospitalized?

3. If you give your wishes orally, is everything clearly understood by all parties involved? Do you also have the specifics written down for your protection?

4. Do you have a health insurance plan that will cover all your medical expenses?

5. Do you have life insurance that will cover all your end-of-life care?

6. If you’re near the end of life and you choose to be hospitalized, what are your specific wishes? (For example, do you want hospice care, hospital treatment or medical treatment at home)? 

7. When you’re near the end of life, do you want to be buried, cremated or donated to science?

8. If you opt for cremation or burial, where will you like this to take place (ex. at a funeral home)? 

9. Would you like a private service (specific limit) or public? 

10. If you opt for burial, will your plot and headstone be prepaid or covered by life insurance? Also, your casket, program and other associated costs?

11. Do you have any specific guidelines you want fulfilled? (for example, closed or open casket, any specific words or specific suit)? 

These are the key questions you should have in your mind to frame a living will. I know, it isn’t easy thinking about the end of life but it’s something you want planned and documented.  You don’t want to leave any issues for your family or for those who will be involved. Especially financially, you don’t want to leave anyone in a bind.  So, I encourage you to make a living will. Have it documented and stored in a safe place. Also, tell those who will be in charge of your affairs. Make sure they sign off and have a copy of the will. Moving ahead with these steps will everything goes according to plans.

Property Will

Just like the living will, the property will also involve some heavy thought and planning. I am here to guide you in the overall will process.

 Let’s face it, you worked hard for your property and possessions. Through it all, you might want to pass along your property to someone. If you haven’t thought about this and don’t have a will drafted, now is the time. You never know when your last day will be. Without a will, all your possessions and property will automatically end up with your spouse, next of kin or town/city. If this isn’t among your wishes, please make sure you have a will prepared now.  Here are some steps that can help you with the process.

Know Your Assets and Liabilities

Keep account of all that you own (total assets). This includes your car/ other modes of transportation, home/property, money, personal possessions, business and pets.

You should also know your debt/ liabilities as well. This includes student loans, credit card debt, mortgage, and insurance. This will help set forth an organized plan for yourself and your beneficiary(s).

Have all your necessary paperwork up to date and organized in one central location. You can set them in a folder, storage bin, desk drawer or file cabinet. Just make sure they’re all properly labeled and in one secure central location. I highly recommend investing in a safe to keep your documents fireproof and secure. You want to protect your important documents so, please shop around for a good safe!

Know Who Will Be Beneficiary Of Your Will

 So, once you gather all your information together, think about who should be the beneficiary(s) of this will? Will it be a family member, friend, co-worker, or organization? This can be tough, but it’s a decision that will take careful thought. You will have to stand strong as hurt feelings can arise. Just explain to all the parties involved, why you made that decision? That it wasn’t your intent to hurt anyone and to know that the right decision was made. 

Inform only your beneficiary(s) and whom you truly trust. You want to protect yourself and your confidentiality. This can curb any issues and create a smooth process.

Who Will Be The Beneficiary(s) And What They Should Know

Also, who will be your beneficiary(s) and what possessions or debt? Should one beneficiary get the entire inheritance, or should you divide up the inheritance to different beneficiary(s)? 

Once your decision is made, it should be clearly detailed in your will. This will help prevent any unnecessary hangups with the will process. From there, you should inform the beneficiary(s) on the exact location. If you happen to transfer locations, update the beneficiary.

Your beneficiary(s) should also know where all the supporting paperwork is located. This includes your life insurance, living will, legality contact information and health insurance. I highly recommend storing them all in one central location. If not, keep tabs on the exact locations and inform the beneficiary(s).

You can also inform someone you highly trust (other than the beneficiary) about the will. Primarily, you want to have a backup in case something happens to the beneficiary(s). The key is preparation, so you don’t run into any legal or financial complications. You want to help protect your name and theirs, so having an organized plan where everyone is notified is key!

You also have the right to change your mind about your will or beneficiary(s). If you happen to do so, inform all the parties involved. You can have a meeting, explaining your decision (to help prevent any disputes). All of these factors will help you with the next step, the filing process.

Filing Process For The Will

The next step involves the filing process. This involve setting up a meeting with your legal team. As legality is an expense, I would recommend researching pre-paid legal services to set up your will. Can help save a considerable amount of legal costs.

Once you’re set up, find out from your legality what specifics both you and your beneficiary(s) should have. Also, will your legal team keep a copy of the will on file? Will you obtain a hard copy document, or will it be shipped in the mail? If it’s mailed, find out the estimate time frame, details of the package and how it would be delivered. That way, you can keep an eye out for it.

File Your Will With City/Town Probate Court

You should also file with your town’s probate court. Either you or your legality will handle this (your legality will inform you). Let your beneficiary(s) know what probate court the will is filed. 

Handwritten Will Matters

If you decide to do a hand-written will, please check with your legality and the town/city probate’s courts. You want to make sure its properly dated, detailed and secured (safe). As legality changes, just double check if it’s in alignment with the current legal standards. All these steps should help prepare a hassle-free process. 

Conclusion

So, prepare yourself today by executing a living and property will. Keep them both together in a safe place. Let your beneficiary(s) know the exact location, documents, and details. Invest in a safe and if left with legal, check to make sure your documents are secured.

Also, prepare yourself in case there is a change in ownership with your law firm. Find out where your documents will be held if there happens to be change.

Through it all, you and your beneficiary(s) should have a hard copy of both your living will and property will. Keep a copy with your financial institution or someone you trust as a backup. The key is to have everything organized and you should be all set to go. I hope the tips presented helps you in your plan. Good luck in your preparations!

In an upcoming article, I will feature some more “life saving tips” on life, health dental, and property insurance. Stay tuned!

How do you feel about the overall will process? Any experiences with the will process you would like to share? Have any tips or suggestions? Let me know in the comments below.