Making your final preparations

In a 2019 GWAE podcast, Bob Dancer talked about writing his obituary (or at least some suggestions) for Bonnie and himself. This would be a guideline for whomever actually does his obituary.  I was on the show on 1/31/20 and talked about some additional preparations for your eventual end of life. Bob suggested that this could be a blog entry, so here it is.  This is nowhere near a complete treatment of the subject but more like some thought starters.

I don’t think any event has put the uncertainty of life into clearer terms that the current COVID 19 pandemic. In December 2019, China was having an outbreak but that isn’t uncommon in China. By March, it was the topic of every new station and most other conversations in the US and the world.

So, what needs to be in place to prepare for your eventual end of life. If you are like me, there are a lot different assets, accounts, websites, collectables and other information and things that need to be closed out and distributed.

First off, I would sit down and write out what you want to happen when you pass away. You should have a will or a trust (maybe both), durable power of attorney, medical power of attorney and an executor of your will. Do some research on how each of these items function. I handled the finances for my father’s estate and durable power of attorney functions much differently than I thought. Look at each financial instrument you have, see who else is on the account, whether you have beneficiaries set up and make sure that the names on those documents are the people you want handling your affairs. You may not have looked at those documents in a long time. Things change. People come in and out of your life. One thing to look at (if you have children) is what happens if your child passes away before you do. You could leave that share to their children, if any. Or if there are no children, you could leave it to the spouse, if there is one. There are lots and lots of situations and you want to make sure than your situation is handled how you want it to be handled.

A good rule to follow: If you don’t specify how to handle a certain situation, it might not be handled the way you want it to be handled. You don’t have any opportunity to clarify any confusion once you are gone. You need to have it clarified now. You may need an attorney, you may need a trust, you may need something else. But now is the time to look at it.

Also, there are a host of other accounts to worry about. Airline frequent flier miles, slot club points, email addresses, social media accounts. The list goes on and on. I keep a file of my passwords. It is password protected and has a few other security measures in place. There are over 200 entries in it. But if I were to pass suddenly, it would be difficult for anyone to retrieve it. I plan to create a “what happens when Jimmy dies” document in the next couple of weeks for my wife. This will outline what to do with all the above accounts and how log on to each account.  I’ll do some research to see what happens to some of these items (like slot club points) once you pass away.

I’ve decided to write  some notes for whomever writes my obituary. I never really thought of doing that before, so Bob, thanks for that suggestion.

I know all might seems ghoulish or morbid but your survivors will thank you for it. It is an amazing gift you can give to them at a time when they will be mourning your passing. It’s like a final thank you to those who have been a big part of your life.  You have worked hard to put together your life’s assets. Spend a little additional time to make sure it is administered according to your wishes.

Stay healthy, stay safe, stay home.