The United States economy has undergone a remarkable transformation in recent years. As of August 2022, the number of self-employed people in the US is over 9.6 million.
The flexibility to work from home, or create your job is a beautiful thing. But that also introduces challenges for many Americans, as end of life planning often gets pushed off.
Read on to learn about why that’s so detrimental to your loved ones in your absence, what steps you can take to ensure your wishes are carried out, and how our service can lighten your load.
What is end-of-life planning?
The process of end-of-life planning enables you and your family to make arrangements for end-of-life care and decision-making. Though it might be challenging to consider and discuss, it is a crucial process. Making arrangements for your eventual death will help you ensure that your final wishes are carried out and that your family is ready for your passing.
Why is end-of-life planning important
End-of-life planning is important because it allows you to control how you want your assets to be distributed after you die. If you don’t have a plan in place, your assets will be distributed according to your state’s laws, which may not be in line with your wishes. Additionally, planning for the end of life can help reduce the burden on your family or loved ones by providing them with clear instructions on what you want to happen.
Some things to consider when end of life planning include:
Who Will Inherit Your Assets?
You might, for instance, prefer to leave certain things to certain people. You must first pick who will receive your assets. A spouse, child, relative, or acquaintance could be this.
Make a list of the people and the things they will receive once you have selected who will inherit your assets. You should put this list in writing and sign it. Additionally, it is a good idea to store this list in a secure location, like a safety deposit box.
Who Will Make Decisions About Your Medical Care?
You need to determine who will make choices regarding your medical care. If you are unable to make decisions for yourself regarding your healthcare, you might want to think about appointing a healthcare proxy. You should also think about the type of medical care you would or would not like to receive near the end of your life.
This covers things like pain relief, artificial hydration, nutrition, and life support. Make sure your loved ones are informed of your choices by talking to them about your preferences. Your loved ones and the medical team will be aware of your preferences if you include them in a living will or advance directive.
Who Will Handle Your Funeral Arrangements?
Even if this is a challenging choice, it’s crucial to weigh your options. Either a funeral home or a family member or friend can take care of the arrangements for you. Both solutions have advantages and disadvantages, so it’s crucial to consider all of your options before choosing one.
What Are Your Wishes for Your Final Resting Place?
You should consider your wishes for your final resting place and how you would like your end-of-life care to be handled. Do you want to be cremated or buried? If you’re buried, do you want a traditional casket or something more unique?
What type of memorial service do you want? It is also important to have a plan in place in case you become incapacitated and are unable to make decisions for yourself. This can be a difficult topic to think about, but it is important to be prepared.
What Type of Memorial Do You Want?
This involves making decisions about the memorial you want, the speakers you want to have, the music you want to be played, and the attitude you want to have. After you’ve prepared your memorial, let your loved ones know what you want. They will be able to ensure that your memorial is held just as you had wished in this way.
Prepare Your End of Life Planning Documents
When the time comes, you will need to have your end of life planning documents in order. These documents are important to have in place so that your loved ones can follow your wishes when you are gone.
This includes:
Living Trust
As the baby boomer population ages, more and more people are starting to plan for their end of life. One of the best ways to do this is to create a living trust.
This document will outline your wishes for your property and assets after you die. It can also appoint a trusted person to manage your affairs if you become incapacitated.
While estate planning can be a difficult and emotional topic, it is important to have these conversations with your loved ones. You should also consult with an experienced attorney to ensure that your documents are in order. No one knows when their time will come, but by planning, you can make sure that your final wishes are carried out.
Living Will
A living will is one type of end-of-life planning document. It is a written document that outlines your wishes for medical treatment and end-of-life care. You can use a living will to specify the type of medical treatment you do or do not want to receive, as well as your preferences for end-of-life care.
Last Will
Making a final will is among the most crucial components of end-of-life planning. Your final desires will be outlined in this document, which will also ensure that they are followed. It’s crucial to talk to your loved ones about your final will so they are aware of your preferences.
POAs
If you are unable to make decisions for yourself, POAs can let you designate someone to act in your place. This can involve selecting your financial, medical, and other vital policies.
It’s crucial to pick a POA that you can trust and who is aware of your preferences. Additionally, you ought to have a backup POA in case your preferred candidate is unable to act.
Decide Between a Will or Trust
This decision will largely be based on your circumstances and what you hope to achieve with your estate. If you have a complex financial situation or want to provide more control over how your assets are distributed, a trust may be the best option.
If you have a simpler financial situation and just want to designate who will receive your assets, a will may be a better option. No matter which route you choose, end-of-life planning is an important step to take to ensure your final wishes are carried out.
Make a List of Your Assets
Part of that plan should be making a list of your assets. This will ensure that your loved ones know what you have and can take care of your affairs accordingly.
Your assets can include anything from your home and car to your personal belongings, your home, your car, and your financial accounts. Make sure to list everything so your loved ones can easily take care of everything when the time comes.
Determine End of Life Housing Plans
It’s crucial to take into account all of your housing possibilities while making end-of-life arrangements. It’s best if you can stay in your own house, but if not, there are plenty of alternative possibilities available.
You can decide to relocate to a hospice, a nursing home, or an assisted living facility. The best choice for you will depend on several circumstances, so be sure to talk to your doctor and family before making this choice.
Create an Obituary and/or Death Notice
One way to start the conversation is to create an obituary or death notice together. This can be a way to share your life story, reflect on your accomplishments, and think about how you want to be remembered. It can also be a reminder to start important conversations about your end-of-life wishes.
Choose a Funeral Home
It is important to choose a funeral home that is right for you and your family. There are many things to consider when choosing a funeral home. You should consider the location, the cost, the services they offer, and the reputation of the funeral home.
You should also take into account the size of funeral homes and whether or not they have a chapel. Choosing the right funeral home can make all the difference in the world when the time comes.
Making End of Life Planning Easy
It’s important to think about end of life planning ahead of time so you know what to do when the time comes. Make sure to have a conversation with your loved ones about your wishes so they know what to do.
You can also put your wishes in writing by creating a living will or advance directive. Planning can make a difficult time a little easier for everyone involved.
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