Preparing for Your Death, or the Loss of a Loved One

There is never a time when it is easy to consider losing the ones we love, and usually the financial ramifications of losing a loved one are never considered. However, with the ever-growing expense of funerals and memorial services the cost of putting a loved one to rest is a legitimate financial concern. The cost of a traditional funeral begins at around four thousand dollars, and for the average American even that expense can be more than they can afford on short notice. So, it is necessary to plan for the inevitable loss of the ones that we love, and planning for your own passing will greatly ease the pain and emotional stress that your loved ones will face on your passing.

Start your planning by discussing your wishes with your loved ones. Do you have an insurance policy that would offset the cost of burial or funeral arrangements? Do you have a living will and a Medical Power of Attorney on file in the event that you become incapacitated? If so, let your loved ones know where the paperwork for your insurance policies, your Living Will and your Medical Power of Attorney are located. Do you have prearrangements made for their funeral? If not, how do you want the funeral or memorial service conducted? These are all very important questions that will be raised immediately upon your death, and knowing the answers to these questions in advance, or having a packet containing all of the paperwork for your policies and advance directives will greatly reduce the stress for loved ones when you have passed. The process of getting this paperwork does not require an attorney in most cases. Most state websites contain forms for setting up Living Wills and Medical Power of Attorneys yourself. While the situation of losing a loved one can never be an easy one to deal with, the burden can be substantially lessened with one or two uncomfortable conversations and some preparation on your part now.