Planning For The Future. The COVID-19 pandemic has got many of us thinking about the future and what it may hold for us. With an astonishing amount of deaths caused by the illness, it has made people realize that they are not invincible or mortal and that at some point, we will need to make plans for what happens when we are gone and what we leave behind for our families.
Here, we look at some of the things that you may want to think about for the future.
Make a will
You need to think about writing your last will and testament so that your loved ones and the legal authorities know precisely what you want to happen when you have passed and who is to have what. You may be sitting there asking ‘Well, How Do I Make A Will?’, and what it entails?
A will is a legal document that lays out what is to happen with any properties or assets that you own, guardianship of your children should that be needed, and the person who is to carry out your wishes after you die. Unless you own lots of property and assets, a simple will is all that is needed, but it is still important to seek proper legal advice. A solicitor will know all of the ins and outs and the latest guidance and rules. This can save a lot of unnecessary heartbreak for your loved ones in the future.
Talk about your funeral wishes
It sounds a bit morbid, doesn’t it? However, it is important to talk to your family about your funeral wishes before it comes to the point that they have to make those decisions themselves. Do you want to be buried or cremated? Do you want to be buried in a specific spot or have your ashes scattered anywhere in particular? Some people even go as far as choosing the music that they want to be played at their funeral and choose their coffins! You may also want to consider setting up a pre-payment plan so that you can pay for it all before you die, taking one less stress away from your family when it comes to that time.
Discuss what happens if you become too ill or incapable of making your own decisions
It is estimated that around one in 14 people over the age of 65 will suffer from dementia and one in six over 80. Sadly, this cruel disease, along with many other conditions, can take away your ability to make decisions regarding your care and your finances. You need to know what you want to happen should you get to this point – who will take over and make decisions on your behalf? To do this, you need a living will, a power of attorney, and medical power of attorney.
Thinking about the future can be a little scary, especially when we consider the fact that we are not going to be around forever. However, by thinking about it, talking about it, and planning for it, we can take much of the stress away not just from ourselves, but our families and loved ones too.