Planning for the end of your life is an important issue that many people tend to procrastinate. In this video, Pure Financial Advisors’ Financial Educator, Jason Thomas, CFP® lays out the things you should address when creating your end of life plan, what you should know, and what you need to consider. Things to Consider in End of Life Planning:
-Final Expense Costs
-Legal Documents
-Types of Medical Care
-Your Public Persona
Transcript:
Today we're going to talk about everyone's favorite subject, planning for end of life. Of course, no one wants to address this which is why so many people procrastinate, but it's an important issue that we should all address as soon as possible.
One of the first things that we should address about planning for end of life is that you don't need to wait till your later years. This can be a part of a comprehensive financial plan as soon as practical in your own life. One of the first topics that gets addressed in planning for end of life is final expense costs. These are the costs associated with burial, cremation, as well as any funeral costs. Anyone that's experienced this in their own family recently can tell you that this is not inexpensive. So you'll want to have enough cash set aside for those procedures or purchase a final expense policy to cover the costs associated with them.
The next thing that you'll want to do and planning for end of life is to make sure that your legal documents are in order. This includes not just your will and trust, but also any documents that may take effect during your life, like your medical or financial powers of attorney, as well as an advance directive for medical care. These documents should all be up to date and reviewed once annually, or when your wishes or the law changes. Also, if you have a trust, make sure that you have funded the trust. All of your legal documents should be reviewed with a qualified legal professional as well.
The next issue you want to address is the types of medical care that you might need at end of life, whether this is long-term care, or hospice care, or various medical procedures. You'll want to know that not everything is covered by Medicare, long-term care is a good example of that. So, make sure that you have the types of coverage in place that you might need.
Then that brings us to your public persona. You'll want to have the information available for those that might be tasked with providing your notifications of death, writing your obituary, or making other public statements. You'll want to include information like your children, grandchildren, dates of birth, and marriage, for example, your military branch of service, you're alma mater or any other accomplishments, or noteworthy events that might make their way into those type of discussions.
Another thing that many people want to consider is how their digital footprint might remain after they died, their websites and social media platforms, for example. Some people want them to go away entirely. Some people want them to remain static, and some people perhaps a public figure, for example, might want them to be managed by a third party. Just be aware that some platforms have their own policies regarding accounts of deceased users.
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