Planning for the Hereafter

Planning for the Hereafter

This is not about planning for my hereafter. It is about planning for those who will be here after you are gone. About all those things that would make life a tad easier for those who will survive you, all those things that force you to face up to your mortality: all those things about which we all procrastinate.

Wills

So you already know you need a will, but have you actually made one? If not, the sooner the better. And make it easier for your survivors and executor. If you want to be cremated, say it plainly and tell them by whom and what you would like them to do with your ashes. Identify who you want to receive personal items and what you want them to receive. If you have had multiple families, make sure to address that fact in your will and preclude the problems that befall so many first and second families who will think of themselves as heirs.

Deeds

But a will is not enough. If you jointly own a house, the deed probably automatically assures that the surviving spouse becomes sole owner at your death. But make sure.

Bank and Investment Accounts

The same holds true for joint bank and investment accounts. However, contingent beneficiaries of the house and the accounts should be identified, the house in the will, and the accounts with each account individually on forms provided by the firms with whom you hold those accounts.

Credit and Debit Cards

Your credit cards. Even if both spouses have a card from the same account with their names on it, the card has a primary owner, and if that owner dies, the other user could immediately lose access to that card. Make sure surviving spouses have credit cards of their own for when they lose use of shared cards. This does not apply to debit cards because debit cards are a tool of joint accounts that go to the surviving partner, unless one of you has a private account. In that case beneficiaries and contingent beneficiaries need to be named.

Passwords

Much of the business of modern living requires the use of computers and the internet, and everything from email to brokerage accounts to lab reports and medical files all require the use of passwords; passwords that we invariably lose, misplace, misremember, or forgot to write down. That can be equivalent to burying a treasure and forgetting where you buried it.

Fix this for yourself and for your survivors by installing a password vault app that can be accessed from two or more devices, a vault like Bitwarden or Dashlane. Make sure that your survivor and/or executor can access that vault. Only one good strong password is required to access the myriad passwords you accumulate over time.

Make sure all passwords for both you and your significant other are in a joint or individual vault. Either of you might be the ultimate user. And don’t forget device and social media passwords.

In the meantime you will undoubtedly find yourself going to the password vault when you forget a password you do not use regularly, but for which you suddenly find you need.

Accounts Management

Bills and accounts do not magically go away at death. Automatic payments for utilities, insurance, credit card payments, toll charges, education accounts, ec. will continue at death unless the survivor or executor addresses them. That cannot happen unless they are provided with the who, what, where why, and how of those actions.

Household Maintenance

This may be a “Who you gonna call?” category. But you need to itemize the services for which you regularly contract or call people in to provide. Information on names, phone numbers, rates, and schedules will be very useful when the first crisis occurs that you would have attended had you still been around.

Summary

Simply put. Prepare for your survivor as you would have them prepare for you.