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April 5, 2023

Put end-of-life planning at the beginning of your to-do list for financial peace of mind

One of the best ways to provide comfort and peace of mind to your loved ones after you pass away is to plan ahead. And while it can be difficult to envision end of life, knowing that the people you care about will be comfortable after you're gone can help you focus on living life to the fullest, and make your last days a lot more peaceful, too.

Not sure where to start? Here are five easy steps for end-of-life estate and financial planning.

First, consider who you'd like to serve as beneficiaries for your estate. Whether you choose a single person or designate a few as beneficiaries, notify them of your decision. Remember that your list of beneficiaries can and might need to change for various reasons. If your spouse passes away, you remarry or simply decide to designate different people, you can make updates, but remember to keep your beneficiary list current.

Power of attorney (POA)
Next, assign a close and trusted family member or friend as your executor and power of attorney (POA). In this role, the POA can make decisions on your behalf if you are unable to or as the executor of your will to make sure processes are completed quickly and with ease.

Will and last testament
Once you have chosen an executor of your will and secured your beneficiaries, you should write a clear will and last testament with the guidance of an estate lawyer and have it notarized. This vital document will contain clear instructions for your beneficiaries and any other important decisions you'd like carried out as part of your will.

Funeral plans
Will you be buried or cremated? Would you prefer to rest in a grave or a mausoleum? These are essential questions to go over with a funeral director. We recommend making these plans well in advance for peace of mind. You could also consider details like who you'd like to officiate the ceremony and what types of flowers you'd like at the service. With advanced planning, you can focus on everything that brings you joy because funeral plans will already be set.

Life insurance
Ensuring you have life insurance when you begin your end-of-life planning is imperative. If you already have coverage, make sure the policy is ideal for you and your loved ones. After you pass away, your beneficiaries will file a claim. Once the death certificate is issued, the funds can be released and dispersed. Not only can life insurance help with medical costs, but it can help pay funeral costs and other expenses.

Talk to an expert at Roehr
In addition to talking to an attorney, funeral director, and financial professionals, speak to an insurance professional.

The team at Roehr Insurance Services Agency can give you reassurance that you’ve chosen the best life insurance plan. We have been Cincinnati’s trusted insurance services agency for decades and are here for all your important decisions.

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