How to prepare your spouse to run your finances in
your absence
Discussing one’s death is not easy.
But if one prepares for it well, then his family will not be affected
financially.
When you get married, you no doubt envision a rosy future
with your wife and the thought of preparing for unforeseen events probably
never even enters your mind. While you plan for a life together eternally, you
do need to consider reality as well. Failing to plan for what to do when you
die can be emotionally and financially draining for your loved ones. They will
already be distraught after you are gone – why not make things a bit easier for
them by at least planning ahead so that they won’t be overburdened with complex
decisions?
Preparing your spouse to handle your finances
1. Get your documents in order: Whether it is personal, vehicle or properties, insurance papers, get these in order and file them with your legal advisor, with a copy of these documents with other family documents. Don’t forget to get your will legally done so that your family won’t have any hassles later on. File your will along with your insurance papers, children birth certificates, your marriage certificate, list of assets, bank information and any authorization or nomination papers and let your spouse know where you have kept them.
2. Speaking about contacts, don’t forget to list down all important telephone numbers and addresses of anyone who deals with your finances.
3. If you are under debt, make a clear list of all your debts and let your spouse know whom to contact and what provisions you have made to handle debts after you are gone.
4. If some financial benefits are due to you, make sure that these are clearly recorded and all paperwork is filed and in order.
5. Also, check with your employer about spousal benefits or pension if you die while in service and make sure your spouse knows what she / he is entitled to.
6. Give your spouse financial power of attorney and make sure that this document is legally attested so that it does not become a legal battle in the event of your death. A letter of instruction may also be prepared, although it does not always need an attorney. This letter provides instructions about how you wish to have your funeral conducted, as well as any other information you’d like your loved ones to know after you are gone.
7. Make a wish list and share the same with your spouse or someone close to you who can share with your family, should something happen to you
8. At last, introduce your spouse to the organization that shall help the family, should something happen to you. By this he or she will know whom to contact in the event of your death.
Preparing your spouse to run your finances while you are not around is not an easy task. Discussing the eventuality of your death can bring up a lot of emotional insecurities in your spouse.
After all, no one really likes to listen to morbid thoughts and no person would ever want to even think about her spouse’s death. Therefore, broach the topic at the right time, taking into consideration the emotions that will likely be stirred up as a result of this conversation.
Instead of choosing to explain all your finances to your spouse in a single sitting, explain it to her over a period of time so that she will not be overwhelmed. Prepare your family to handle your finances ahead of time so that unforeseen eventualities won’t take an added toll on your loved ones!
Preparing your spouse to handle your finances
1. Get your documents in order: Whether it is personal, vehicle or properties, insurance papers, get these in order and file them with your legal advisor, with a copy of these documents with other family documents. Don’t forget to get your will legally done so that your family won’t have any hassles later on. File your will along with your insurance papers, children birth certificates, your marriage certificate, list of assets, bank information and any authorization or nomination papers and let your spouse know where you have kept them.
2. Speaking about contacts, don’t forget to list down all important telephone numbers and addresses of anyone who deals with your finances.
3. If you are under debt, make a clear list of all your debts and let your spouse know whom to contact and what provisions you have made to handle debts after you are gone.
4. If some financial benefits are due to you, make sure that these are clearly recorded and all paperwork is filed and in order.
5. Also, check with your employer about spousal benefits or pension if you die while in service and make sure your spouse knows what she / he is entitled to.
6. Give your spouse financial power of attorney and make sure that this document is legally attested so that it does not become a legal battle in the event of your death. A letter of instruction may also be prepared, although it does not always need an attorney. This letter provides instructions about how you wish to have your funeral conducted, as well as any other information you’d like your loved ones to know after you are gone.
7. Make a wish list and share the same with your spouse or someone close to you who can share with your family, should something happen to you
8. At last, introduce your spouse to the organization that shall help the family, should something happen to you. By this he or she will know whom to contact in the event of your death.
Preparing your spouse to run your finances while you are not around is not an easy task. Discussing the eventuality of your death can bring up a lot of emotional insecurities in your spouse.
After all, no one really likes to listen to morbid thoughts and no person would ever want to even think about her spouse’s death. Therefore, broach the topic at the right time, taking into consideration the emotions that will likely be stirred up as a result of this conversation.
Instead of choosing to explain all your finances to your spouse in a single sitting, explain it to her over a period of time so that she will not be overwhelmed. Prepare your family to handle your finances ahead of time so that unforeseen eventualities won’t take an added toll on your loved ones!
Happy Investing
Source:Moneycontrol.com
No comments:
Post a Comment