7 Reasons Why You Should Plan For Death

Dying Without Leaving A Will Is Not A Good Idea.

If you haven’t made a will, when you die, everything you own will be shared out according to the law instead of in accordance with your wishes. This could mean your estate passes to someone you hadn’t intended – or that someone you want to pass things on to ends up with nothing. For example, if you’re not married and not in a civil partnership, your partner is not legally entitled to anything when you die. If you are married, your husband or wife might inherit most, or all of your estate and your children might not get anything. This is true even if you are separated. If you have children or grandchildren, how much they are legally entitled to will depend on where you live. All of this can be avoided if you make a will, setting out your wishes.

Need more persuading? If you do die without having left a will, all your assets are likely to be frozen until the estate is sorted out, which can mean hardship for your loved ones in the meantime. And it’s much more expensive to use the courts to reconcile an estate, so there will be less left over for your family.

Make Provisions For If You Are No Longer Capable

Some of us can expect to lose our mental capacity as we get older and this can be just as difficult for the family to deal with as death, if not more so. That’s why it is important to not only leave a will but also Lasting Powers of Attorney for your finances and our health and welfare. These documents will give your family or trusted loved ones the capacity to make decisions on your behalf if you’re no longer able to, ensuring that bills get paid, and that any decisions about our health can be made by those who are closest to you.

Document Your Health Preferences Up Front

You should also consider leaving a ‘living will’ which is a statement of your wishes intended to guide your family (if you are not able to make the decision yourself) about what treatment you might want in various scenarios. This will give them the confidence that they are acting in accordance with your actual wishes rather than trying to second guess you.

Don’t Leave Your Young Family Holding The Bag

All of this is especially important if you have dependents, but it’s not the only thing that needs to be addressed. Too many people assume that if anything happens to them, the state will step in and look after their family. That may be the case up to a point, but it won’t be easy on those you leave behind. It is much better to take out some low cost life insurance when you’re young, to pay out if anything happens to you. This will give your family a cushion to tide them over should your income be lost to them, or alternatively you have to pay for childcare if your partner is no longer around. It’s only really necessary while you have financial responsibilities to others, so can lapse once the mortgage is paid off and the kids have finished education. It is surprisingly inexpensive too.

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Talk To Each Other About What You Want To Achieve With What You Leave Behind

We’ve all seen the TV dramas. where the family solicitor reads out the deceased’s will, and everyone is shocked by what it contains. That is not how it should be. It’s much better to talk to your loved ones openly and candidly about your assets, and what you’d like to do with them when you transition. Often there are 3 generations to consider, and an open and frank discussion, perhaps aided by your estate planning attorney will help to make sure everyone understands what your plans are. For example, you may initially expect to leave your assets to your children, but they may prefer it if you left them to their children instead. Discussing such things up front helps set everyone’s expectations, and avoids any conflict and disappointment later on.

Plan Early To Leave More To Your Family And Less To The IRS

Inheritance tax is a tax on the estate, and is potentially payable at a rate of 40% once the estate has a certain value. So if you are leaving behind a substantial estate, you could be leaving your loved ones with a large tax bill too. However, with some simple planning you can significantly reduce the amount of tax payable.

Make A Plan For Your Funeral

The last thing your family will want to do in the days following your transition is argue about what they think you may have wanted for your funeral, so leave them some instructions. Things like burial or cremation, whether you want a religious service or not, what songs or music you’d like to have played, and whether or not you want it to be a celebration of your life or a more somber affair. All these decisions can be taken up front and take away any pressure on the family at what will be a difficult time.

Hopefully we have persuaded you that there are at least seven really good reasons why you should plan for your death now rather than put it off. So, what are you waiting for?

The attorneys at Smith & Williams understand that estate planning can be emotionally challenging and legally complex, and we also know that too many people put it off until it is too late. We strive to make estate planning easier and more accessible to clients throughout Orlando and the Central Florida area by educating you on the different components of an estate plan, walking you through the necessary steps to put them in place, and bringing our services to you at a time and place that fits into your daily life.

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7 Reasons Why You Should Plan For Death

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