I originally thought about titling this post, “Preparing to Die,” but reconsidered. (Think Inigo Montoya from The Princess Bride – anyone?) The truth is, each one of us will pass on. There is a 100% chance that we will not live to see forever on Earth. While many fear death and spend most of their days avoiding it, I say it is imperative to think about it and prepare for it– not in a way that is morbid, but practical, considerate and wise. Below you will find my Top 4 ways to make as clean an exit as possible, in no particular order (since none of us really knows how or when it will happen).
1. Get out of Debt
My husband and I have been living debt-free for about 6 years now. We have a mortgage, yes, but it is on a house that belongs to us. For the story on how we got rid of roughly $14,000 worth of baggage our first couple of years of marriage, read my original entry here.
If you pass away and have a large amount of debt (or any), your spouse may be responsible for paying it off (depending on the situation, whether you co-signed on the credit, and state you live in). If you are not married, the burden will fall to your estate. In some cases, when the money owed is steep, heirs must sell items in order to pay it back.
If they are unable to cover it, the creditors are eventually forced to write it off. Still, don’t do this to those you love. Because nothing says I love you like “Here is $50,000 worth of credit I didn’t have time to take care of before kicking the bucket.”
2. Prepare a Will
There are a plethora of online sites that can help you create and print, or order a will. We used legalzoom, and paid about $70. I know people that have simply written something out on a sheet of paper before venturing on a big trip or new move. Something is better than nothing.
In it you will dictate who inherits your home, belongings and assets. My husband and I have had difficult discussions over “What if…?” situations before. The most challenging was conversing over this worst-case scenario: What if we died at the same time? What would become of our children? We have specified that in the official document. We pray that it never comes to this, but you simply don’t know.
It is necessary to contact said parties and make sure all are in agreement with the arrangement, too. These talks are not easy to have, but they are of utmost importance. Other relevant questions deal with life support and emergency situations, and burial and cremation preferences. Also, are you an organ donor, and does it specify that on your driver’s license?
We have what’s called a Last Will and Testament, and are at liberty to modify parts of it at anytime. Every now and again we revisit it (like when we recently traveled abroad) to make sure our hopes and wishes are the same. If they are not, we change it.
Emotions and tensions are at an all-time high when a loved one perishes. I have heard horror stories over feelings that were hurt and falling-outs that occurred because there was not a will, and expectations were not made clear. This can happen even when there is one.
3. Invest in Life Insurance
It is best to invest in a life insurance policy that is three times your annual salary. First, you find a life insurance agent. We found one through USAA, because it supplies many of our insurance and banking needs. You apply for it and they send someone to your home to give you a physical.
If everything checks out fine, it takes about 6-8 weeks for documents to be filed and your insurance to begin. I am thankful that my husband has taken care of this, should anything happen to him. We will work on getting mine next. The point of life insurance is to cover those you leave behind. Funeral expenses can also be included in this.
4. Make things right
I would argue that this is the most important. Believe me when I say there is deep regret when it is too late. Too late for that conversation, thank you, hug, kiss, word of encouragement, offer of forgiveness, etc. So, have that awkward but needed talk. Send that letter. Make things right so that you are at peace when your loved ones pass, and they are at peace when you do.
There is no correct way to make such a grand exit, especially since most of us have no control over when or how it will occur. Thinking of those we leave behind, their well-being and our legacy are the real treasures, not the material goods they will inherit. As for me, I want to make sure things are right in my heart with the Lord, too. (Feel free to comment or message me if you have questions about this.)
What are some steps you have taken to prepare for no longer being here one day?