Many of us cringe at the thought of having to plan for the inevitable. Some people think that openly discussing death will cause an untimely occurance. But as with all topics, if we don’t talk about it, how can we make sure we’ve prepared for that time. If we think about our families, kids, parents, etc, their well-being is what we should be most concerned about. With that said, let’s be prepared.

     I, myself, recently took out a second life insurance policy. My goal was to make sure that under any financial circumstance, my beneficiary(s) would be covered. I have a home, student loan balance, real estate, and small businesses with expenses. The last thing I want is for my family to have to worry about my financial obligations. So the second policy is in place just for that case…to make sure that the family is ALRIGHT!

     Speaking of life insurance, the Wallstreet Journal posted an article recently noting that according to the National Association of Unclaimed Property Administrators, there is approximately $32.9 billion in unclaimed bank accounts and assets. Of this, we’re not sure how much of it are unclaimed life insurance policies. But there’s been high-profile lawsuits against insurance companies in Florida and California claiming millions in unpaid insurance policies. First, if you are a resident in these states and is a known beneficiary, you may want to check into this. Secondly, regardless of what state you are in, please make sure that your beneficiary(s) are privy to your insurance documentation. It is good to keep your documents (policies, will, bank account info, Trust, etc) in a safe and well-known place so if an emergency arises your family will know where to look.

     As you prepare for your last day, here are a few things you should know that will make your day of transition better off for your families:

1. Always keep an original copy of your will. Wills will be subject to probate-level legalities. Things such as appraising property, computing outstanding debt, and distributing remaining assets are all part of this legal process. The original will will make the process easier and difficult for family members to contest the authenticity of it.

2. Wills are not the end all be all. If you do not have a will, there is another option…a letter of instruction. It does not hold any legal weight. But, it is a good alternative to having a will.

3. What you don’t tell your family, they will NEVER know. So, make sure to keep documentation of real estate properties you own, vehicles, cemetary plots, stocks and bonds, business operating agreements, last 3 years of your tax returns, 401Ks, etc.

4. Keep your online bank account log-in information, and bank account numbers, in a safe place that is known to your family or beneficiary. Please know that if there is no transaction history occuring on your account(s), the bank will eventually mark it as a dormant account and your funds will become state property.

5. Give your family a copy of your life insurance policy.

Preparing those that love you is very important. As you read this list of helpful tips, gather up your documents and contact an attorney. Attorney’s who specialize in this will help you document these items and secure them until that time come. Also, as we all know, death is when we see the worst come out of families. So, your attorney will also be able to rightfully appoint your assets. You can control what goes on in your after-life as well…just be prepared.