This year, Dying Matters Awareness Week runs from 4 to 10 May. The theme: ‘Let’s talk about death and dying’.
The initiative encourages us all to be open and honest when talking about death. And there are many good reasons why we should be.
Thinking about estate planning early can help you to keep a potential tax bill low, while talking about the contents of your will can help to avoid disputes after you are gone. Furthermore, taking steps to organise your death can help you avoid surprises and enjoy life in the present.
Keep reading to find out more about the five steps you can take now.
1. Building a life folder provides peace of mind and could relieve stress for loved ones
A life folder doesn’t have to be morbid. In fact, it’s just sensible admin.
Spring could be the perfect time to go through your paperwork and compile a list of all your important information. That means pension providers and account numbers, bank and building society contacts, insurance, and loan details.
Dig out your passport, birth and marriage certificates, driver’s licence and any documentation related to state benefits, your current employment, or subscriptions.
Once all this information is in one place, you’ll know where to find crucial information when you need it, and your family will know where to search if something happens to you. Whether the life folder is digital or physical, just be sure to keep it secure.
2. Adding funeral plans to your life folder doesn’t need to be gloomy
Once your life folder contains all your essential documentation, you can start to think about the elements it might contain that are more obviously related to your death.
This can start as simply as the name of the GP or any important medical information. Be sure your will is kept here, too, along with any Lasting Power of Attorney documents you have. If you have dependent children, add a childcare or guardianship arrangement and be sure these are clear in your will too.
Funeral planning is also important, but it doesn’t have to be macabre. Open communication is key, so be sure your loved ones know whether you’d like to be buried or cremated, or your preferred type of service.
You might spend an evening together listening to potential funeral songs as a family, helping to normalise death and building memories for loved ones to look back on.
3. Thinking about your will in good time and keeping it up to date is key
Before you can have an open and frank discussion about your wishes, you need to know what these wishes are. That means being honest with yourself and taking the time to think about something that might be understandably uncomfortable.
Your hard-earned money is yours to spend, but if you do want to pass on a legacy, a will is the simplest way to make these wishes known.
Think about who you want to inherit what, and the reasoning behind your choices. This will help you to answer any questions from loved ones if they arise. It also ensures your wishes are understood.
4. Normalising money conversations now could avoid nasty shocks later
Talking about money can be taboo in some families, but where your will and estate planning is concerned, frank conversations are key.
Rather than sitting down for a formal family meeting, start small and build a habit of openly discussing money with those who matter. This way, money chats become the norm, rather than an event to dread.
You might want to discuss the contents of your will or the potential size of an estate, especially where an inheritance could be subject to tax, or you intend to distribute your wealth unevenly.
Ensuring all parties know where they stand can help to avoid disputes and allow your loved ones to plan more effectively.
5. Life is to be enjoyed, so don’t spend yours worrying about death
Death comes to all, so pretending otherwise or worrying unduly about it could prevent you from enjoying the things that matter in the present.
You might be planning to leave behind large portions of your wealth; be sure to leave behind great memories, too.
Don’t be afraid to spend your hard-earned money in retirement, whether you want to spend time with loved ones or travel the world solo. Planning for a tidy death can help you live the life you want to live now.
Get in touch
If you’re looking for an independent financial adviser in Milton Keynes or Olney, look no further. At Jane Smith Financial Planning, we’ve been helping clients for 30 years, so contact us at info@janesmithfinancial.com or call 01234 713131 to see what we can do for you.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning, tax planning, Lasting Powers of Attorney, or will writing.
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