What happens when you die? And I don’t mean that in the spiritual sense. I mean in an operational sense. As in, who takes care of what, and how do things get organized, done and paid for? But maybe, before we start looking to see what others can do for us, we should think about what we can do for ourselves. Maybe the right question to ask is: what are the important things we need to organize before we die?
One of the lesser popular topics, no doubt. Most of us would rather talk for hours on end about the right neutral color for our walls, which type of pressure washer to choose, the value of all season tires versus dedicated winter tires… we’ve all been there, and there is a time and a place. These topics make much easier party fodder than, oh, I don’t know, discussions around what will happen to your assets when you die without a will, because you don’t have one and it is a constant script running in the back of your mind, but you are struggling to make the decisions necessary to complete the will, and…
But guess what, friends? There is something that is even more certain than the need for dedicated winter tires in an Ottawa winter. And it is this: As surely as you are here today, one day, you will die. This is a simple fact. So, we may as well get organized and take care of some of the paperwork now, while we can. Why leave all the decision making to someone who will most likely be mourning and missing all of our wonderful selves??
I take death seriously, to be sure, but I don’t want to be head down and teary as I take care of the planning. My approach is more along the lines of looking at this in a Standard Operating Procedures kind of way. So here we go.
Estate planning checklist: 8 areas to organize before you die
- Organize and centralize important paperwork, and make it available to a trusted contact
- Identify Executor (family member, friend, or paid service) and Power of Attorney
- Complete your Will (aka. Last Will and Testament)
- Organize and centralize contact information for relevant friends and family; make it accessible to a trusted contact.
- Passwords need to be saved somewhere, and be sure to identify someone who knows where they are and how they can be accessed!
- Document and communicate wishes for end-of-life care and directives.
- Document and communicate wishes regarding end of life services/celebrations, or lack thereof.
- If possible, pre -pay funeral and burial expenses
I’m not an expert, but when I talk to people with life experience in this area and start scanning some of the available info, these eight action items seem to make sense. But I have a feeling that this list might shift and be refined with more discussion and research. So stay tuned for updates here as we work our way through this list!
Eight things to organize before you die, with each line item requiring a significant bit of work. It may look like a lot, but allow me to try to put it into context. I think it’s reasonable to say that the entire business can be viewed through three phases.
The 3 phases of the life experience impacted by estate planning
Phase I: The Pre – Event – this is where we tackle the eight important things to do before you die.
Celebrate! You are alive and legally capable of planning and making decisions for yourself in the way you would have them made. You can be specific and relieve your loved ones of the burden of certain tasks by managing them in advance. No one will need to guess what you want because the information will be documented and available. Well done, you!
Phase II: The Event
Grief and loss for those left behind, and family dynamics potentially coloring major decisions. A flurry of activity completed under both time and financial pressure, and emotional stress. However, this challenging time will likely be easier for them to manage as a result of your rockstar efforts in the PRE stage. Your lists will be used to quickly and easily notify family and friends; and your documents relied on for the planning of the funeral/service/cremation/insert your choice. With your efforts, you have saved people time, frustration and heartache, and created more space for them to just grieve. Bravo!!
Phase III: Post – Event
It would seem that this is where the work really kicks in for those left behind. Notifying relevant government agencies, banking entities, insurance companies, file taxes, pay off debts, estate taxes, managing family dynamics…
But here’s the good news!!
For your personal action, you are only responsible for the Pre-Event Phase. Great! Managing only one out of three phases… a mere 33%… sounds more than reasonable, don’t you think? And you can take your time to do it. Give yourself a few years to manage it all. The poor souls who manage the other phases will have to deal with all kinds of pressure. But that’s not you, so just go step by step, and be sure to check in here for support!
Estate planning. It just seems like the right thing to do.
What about you? Are you working on estate planning for yourself or a loved one? Are you running into any unexpected challenges?
