Six Ways to Say “I Love You”
Flowers and candy, even jewelry, are nice, but they won’t help your loved ones cope if there is a serious emergency or if you are suddenly not there. Doing a few things now that can help in case the unthinkable happens can be a much more meaningful way to show your love.
Here are six things that everyone should do for those they love:
1. Sign an Advance Health Care Directive.
No one likes to think about the possibility of getting into a serious accident, or having a major injury or a sudden serious illness. If something bad does happen, though, having a signed Advance Health Care Directive is vital. Forms are readily available for free from health care plans, hospitals and in many doctors offices; you can easily download one from many web sites. The Directive names the person authorized to make medical decisions for you and lets you state your “end of life” wishes including pain relief, prolonging life, organ donation and more. It takes about 10 minutes to complete the form and sign it. Do it today.
2. Make a list of your assets.
This single sheet of paper can save your loved ones incalculable time and stress. Too many times, a surviving spouse or an adult child has to sort through old tax forms and watch the mail for statements just to figure out where the money is. Short cut this process by keeping a list of checking, savings and investment accounts, as well as retirement plans, partnership agreements, real estate holding, etc. – anything that will your spouse, significant other, children or other survivors will need access to if you die suddenly. The list should contain account numbers, contact names and addresses, and approximate balances or values. Make a note of any appraisals, reinvestments, account closures or other significant events. Get in the habit of updating the list once a year at tax time so that it stays current.
3. Consolidate your accounts.
This is a good idea even if you don’t plan on dying someday. It will make keeping your asset list easier. And doing all your business with one bank or brokerage firm might make you eligible for discounts or other special treatment. Beyond that, it’s simply easier to manage one or two accounts, than it is to manage five or six. This is especially true of retirement accounts: many people leave them behind when they change jobs. You will want to roll these separate accounts into one account when you retire anyway, so why not do it now?
4. Keep beneficiary forms up to date.
Remember those beneficiary forms you signed when you first started your job, bought an additional life insurance policy or opened a new retirement account? Has your life changed since then? Divorce, remarriage, having children, or having your children grow up are just some events that can cause you to rethink your beneficiary designations. Keep copies of your beneficiary forms handy so that you can review them periodically and make any changes necessary.
5. Review you life insurance coverage.
In my opinion, there are very few people that couldn’t benefit from some form of life insurance. Life insurance pays off almost immediately, and it pays in cash. This can really help your survivors avoid decisions like selling the house or other investments just to pay the bills. If you think you don’t need life insurance, get a minimum policy. If you know you need life insurance (like you have kids or it takes two incomes to maintain your lifestyle) get more than you think you need. And if you are lucky enough to not collect on the policy, chalk up the expense to the cost of living.
6. Update your Will and/or Trust.
About 7 out of 10 Americans do not have an updated will. This is probably because most people don’t like to think about death and don’t like paperwork. But statistics show that 100% of people that don’t have a will die anyway. Simple will forms are available online, but I think it’s worth it to spend the time and money to get a lawyer. They will make sure that your will is legal in your state, and that it is properly signed and witnessed. It may cost you about the same as you would spend on a piece of fine jewelry, but it will provide better protection for your loved ones.
To share your thoughts or request an interview with the author, email contact@planetwidow.com.
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