By EWN •
Updated: 27 Dec 2022 • 9:43
Death can cause grief and also financial tragedies, but it is possible to lessen the impact when it happens. Crucial financial preparations such as writing a will, setting up a power of attorney, and looking at the options for funeral plans are just some ways to make things easier for your loved ones when you die.
It’s not always best to avoid talking with your family about your death. It’s likely you’ve got many years ahead of you, but there’s a chance you might not.
When a loved one dies, those left behind not only have their grief to deal with. There are often financial complications that can increase the pain. You or your loved ones might prefer to avoid the subject, but it’s not something you should put off.
Consider arranging a day when you discuss with your partner or dependants what you want and how you want things to be organised. Some of the things you need to discuss include the following:
If your will is up to date, you won’t be leaving behind a financial nightmare for those you love. It’s the most important preparation you can make, even if you’re perfectly healthy. There are several valid reasons for this:
If there are people who depend on you or you have children under 18, make sure you talk with your family about who will look after them when you’re gone. It’s tough to talk about, but don’t put it off. If you make plans and provisions now, it will ensure they’re safe and cared for should the worst happen.
The government will assess the worth of your estate when you die. If you don’t do any planning for this, as much as 40% of its worth could go in tax. There are many ways to deal with this, such as giving gifts at least seven years before you die, leaving cash to charity, and more.
Making funeral decisions when a loved one dies can be a harrowing experience at an already painful time. You can save them from this by making a few quick decisions on your own funeral.
It’s a good idea to make your wishes known while you’re well rather than waiting and then discussing things in haste at death’s door. Consider discussing the following:
Thinking and talking about what may happen if your faculties desert you can be uncomfortable. However, it’s important to consider how much worse it would be if you become incapacitated without sorting it first.
Consider arranging a Lasting Power of Attorney. This is a legal document in which you nominate a relative or trusted friend to look after your affairs if you lose your mental capacity.
This is a term often used for an advance decision. It is a legal statement that lets you say if you don’t want certain types of medical treatment in specific situations should you lose capacity in the future.
For example, you may not want to be resuscitated if you become too ill to make the decision later on. You may also refuse to receive a blood transfusion if it’s against your religion.
It’s free to make an advance decision, and you don’t need a solicitor to do it. However, you do have to be over 18 and have mental capacity when you make it.
Advance decisions are legally binding, but they are only about treatments you want to refuse. If you want to make others know how you want to be treated towards your end of life, you can make an advance statement.
In this document, you can state anything you think others should know to best care for you in the future if you lose the capacity to make your wishes known.
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