It’s not uncommon that families have to deal with the unsavory news of one of their loved ones dying. While it’s a situation where sympathy is truly warranted for, there arises the necessity for one to take care of their finances in the short while that they do have left with their loved ones.
Since each every situation is unique, it would be difficult to prepare a comprehensive list of financial aspects to take care of.
That said, here are 3 money moves to make before you breathe your last:
#1: Make a will and check account ownerships
If you or your loved one is able to make legal decisions, it would be a good idea to prepare a will and nominate a power of attorney. For those who are unmarried, get a will made as property isn’t automatically transferred to your spouse or adult children.
#2: Find new sources of cash
When someone is living their last days, less income and more medical expenses become the norm. In order to pay your bills, make sure that you find new sources of cash. For example, one such family found their workplace life insurance policy to be a lifesaver. For others, with no such option, selling a second vehicle or other large assets might be a suitable choice.
#3: Be careful how you spend
While most people believe that you must live like you are dying, the truth is something else. Most people who are dying usually can’t even walk let alone stand in their last days. Even if you want to take that trip to Hawaii, it’s better to think how it’s going to leave your family when you go.
The least you can really do is pay our own expenses while keeping in mind that your family isn’t drowned in debt after you’re gone.