The Price after you are Gone

As we journey through the years in our lives, there is a concept that every single of us will be exposed to, which is the inevitable end of our time in this world. Some may find it easy to accept, while others struggle to comprehend the truth of this impermanence. With the current global pandemic, we cannot help but be reminded that our time here on this world is finite and this is something that we must eventually come to terms with. As we ponder over this finality, one of the common thoughts would be “What happens after I am gone and what should I do to prepare for this?”. To help address this topic, we are going to explore the practicality of what an individual has to consider and the costs after they have passed on.

1. The price of a funeral

The most immediate event that occurs after an individual passes on is their funeral. Everyone has different preferences on how they would like their funeral to be held and the costs can range from a few hundreds to a few thousand dollars. Planning for a funeral consists of certain details and decisions that you would need to make on your end.

One of the most important considerations would be to decide if you would like a funeral director to help plan and take care of all matters regarding the funeral. There are people who opt to plan the funeral on their own but having an experienced professional who will settle all the arrangements can actually save a lot of time and effort for your grieving family members. Planning for your death (especially if it is untimely) is important as the loss of a loved one for your family members can already be a difficult process. As much as we all think our family knows us best, pre planning such an occasion would definitely reduce the emotional stress of having to assume and guess what the deceased would want. This can also eliminate any unnecessary disputes amongst family members who think they know what is best for you. What better way for your family to honor your preferences and wishes, by going along with them. Also, funerals can be costly therefore many individuals wind up saving a huge load of money due to the fear of their funeral expenses being a liability for their family members. By planning for your funeral, it would allow you to be able to know how much of your finances to save. But more importantly, it would allow you to spend any surplus amount to ensure that you live your remaining life to the fullest without regrets.

2. Creating a Will

Apart from funeral arrangements, another important step that one takes in planning for their death is deciding what to do with the assets and wealth that they leave behind. This is to reduce any unnecessary stress and dispute over deciding who gets a portion of your monetary and material possessions, one can choose to do up a will. A will is an official arrangement for someone to inherit a part or all your assets according to your wishes.

To ensure that a will is valid, there are certain criteria that must be met.

The process of writing a will can be quite complicated, especially if you have a substantial amount of assets and very specific set of instructions on what to do with them. In this case, many individuals often hire a professional lawyer to facilitate this process which ranges from a cost of $200 to $500 (depending on the complexity). However, if you are currently unsure of how to properly distribute those assets, one may choose to appoint (beforehand) another individual to make decisions and act on their behalf with regards to asset matters known as a Lasting Power of Attorney (LPA). In the case that a will is not drawn up before you pass on, the government created the Intestate Succession Act which consists of who and how much of your assets to be distributed. Losing a loved one is hard, and it can be even more difficult if that person is the sole breadwinner of the family. Creating a will could also help to ensure that the respective beneficiaries of your assets are able to sustain their current standard of living even after you are gone.

3. Having proper Medical Coverage and Life Insurance

As much as we would like to think that we are able to leave behind assets and wealth for our families, there are also instances where we leave behind our debts and other forms of liabilities. In our final years, there is a much higher chance of being plagued by chronic illnesses and complicated health conditions. To have more time with our loved ones, we may have to pay for certain medical treatments. As time passes, these treatments may incur a huge expense that could end up in debt. Even after we pass on, these debts do not just disappear and instead becomes a price that our families have to pay for. Getting a comprehensive critical illness coverage can actually help one to cushion against these expensive medical bills in those final years. This can be important as you definitely do not want to spend your remaining time worrying and focus on spending quality time with your loved ones. Furthermore, insurance companies also provide plans that guarantees a sum of money should you ever meet with an untimely death.

Conclusion

In conclusion, exploring these options and planning for life after you are no longer around would allow not only you but your loved ones to transit properly in this difficult time. Time waits for no man/woman, the world continues even after we are gone. We get to decide what kind of legacy we want to leave behind. So, what better legacy can we leave behind for our loved ones than to ensure that they worry less and feel assured that they are well-taken care of.