End-of-Life Necessities

In-between meetings and life, today was the typical Monday. But one thing we’ve been putting off is now something that’s on with full-force. We had an unfortunate unexpected passing in the family last week…just a few days after we posted our video on wills. We also had a prior video on life insurance. When someone passes, these topics are bound to come up, so even while grieving our loved one, we wanted to make sure we are still as prepared as we think we are. Also, see my Grieving: My Daddy Died video. While our documents exist and are up-to-date, we realized that we need to enhance it even more. So this week, we are updating our beneficiaries to add an extra contingent beneficiary. While we are primaries, our children’s trust fund is the secondary (to our trustee), and we are thinking we’d really want to be even more proactive at adding a third trustee as a contingent as well, so we are doing that now. We are very mindful about not being fearful of being proactive. pexels-photo-925985Even though we are on a debt-free journey, one thing that has always been priority is our insurances. Some advice that we also give is that your insurance should not just be with your job. We will likely be making career moves again this year and thankfully, we have our own policies so our current job’s policy is only a cherry on top. Our children have multiple policies as well since starting while they are young and healthy is the smartest thing to do. We have also updated their caregiver(s) and the executor(s) of our estate in the event that we both pass away together (or as a family)…so that everything is well taken care of and life may go on as it will anyway. Have you been putting things in-motion for end-of-life planning? Have you been responsible at documenting everything that’s needed for your estate, child(ren), and self? Or will you leave that stress to others? We’ve recently had to write codicils because some of our wishes updated a bit from the wills we drafted a few years ago. Since will still stands, this allows us the opportunity to amend a few things without the need to draft another will. Those codicils will also be shared with the appropriate individuals.Where one leaves their money vs. where one leaves their children vs. where one leaves the physicalities and procedures of their estate, etc. may all be left to different entities/individuals. For some reason, people often do not wish to talk about this topic (especially people of color), but we only think it’s the most responsible thing to do. If you are living and reading this, then what are you waiting on? We are all on borrowed time…