This week’s blog post will still be about death. The reason being is that we are celebrating All Saint’s Day and All Soul’s Day come Saturday and Sunday respectively. Even more, this is something inevitable. Sooner or later, we would be facing death in the face. It is something that will eventually unfold. Yet the question remains, when.
Since this is something that we know will happen to us, it is but wise that as early as now we prepare for it. Not just emotionally but also financially. Don’t take this negatively. After all, this is for the good of our family and beneficiaries. It would be pretty hard on their end when you die yet the cost of the funeral would be 200,000 right? Where will they get the money? A coffin alone cost so much.
What if you are the breadwinner of the family? Will they be able to survive without you? Here are some things you need to do in order to prepare financially for that inevitable end.
Insurance
One thing you would surely need would be insurance. Don’t take this one as death insurance. Look at it as life insurance. I know for a fact that is relatively expensive especially if you are getting it at a higher premium and age. That is why, it is advisable to get insurance when you are still young and there are still no sickness, operations and what not. Just look at the benefit of the policy could entail to your family. Look at the amount they would be able to get in the end. There are also varied insurance in the market that would be in line with your needs. Plus, it can also be tailor maid for you. That is why, there will always be an insurance that would be ideal for you. Even more, the money will be use to pay up estate taxes for properties that you would leave behind in order for your family to claim it.
Funeral
Since we are talking about death, might as well prepare for the funeral. I got an officemate who died instantly and the family really didn’t know where to get the money for the coffin and the funeral services. We chip in with the rest of the community in order to furnish as much as 100,000 for the coffin and the embalming. This will also not cover the number of days the body will be situated in the memorial home plus buying the lot for the burial and related services. You don’t want your family to experience that kind of hardship right? Hence, might as well get a memorial service package where you can even choose your own lot. At least, your family and beneficiaries would not bear such amount just to get you rested in your final place.
Will
So you’ve got properties and bank accounts under your name? Make the turnover official by creating a will. By definition, a will is a legal declaration by a person in which he or she names his or her beneficiaries with regards to his or properties and how to distribute it accordingly at death. In this case, you can duly designate who will get what in your properties and also your accounts.
These are just some of the things you can do in order to prepare financially for that inevitable end. As such, it is imperative that as early as now, regardless of how healthy or how young you are, get the following items stated above. Because in the end, this is not for you, but your family’s convenience.
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P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 43 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.
P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 43 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.