Did you know that the average life expectancy in the United Kingdom in 2022 is 81.65 years?
That tally is up 0.15% compared to the previous year. While people usually don’t want to sit around and think about their mortality, it’s nonetheless essential that they get their affairs in order.
But what does it mean to get your affairs in order? Here are five things to do to accomplish this.
- Write a Will
One of the most important things you can do to get your affairs in order is to write a will. When people pass away without first writing up wills, they often leave behind lots of confusion. If you leave behind a spouse, children, or elderly parents, you’ll want to know that anything you leave for them will go to them.
When you work with a lawyer or other professional to draft a will, you can stipulate how your assets are allocated. You’ll want your wishes to be respected rather than challenged by someone in a court of law. Hiring a professional will lessen the odds of someone challenging your will in court.
You can designate how your assets will be divvied up, stipulate who will take care of your children, and set aside money for charitable causes or any causes near and dear to your heart.
Do yourself and your loved ones a favour by getting a legally enforceable will.
- Pay Off Debt
It’s also essential to get your debt situation under control. Create a plan to tackle debt. Depending on your debt level, a multi-year plan might be in order. Don’t hesitate to reach out for help if you’re unsure how to do so. A financial advisor is one option if you’re dealing with a heavy debt albatross and don’t know how to tackle the situation.
- Save Money and Get Insurance
It’s also a good idea to save money. Many experts recommend saving the equivalent of 12 months’ worth of salary if an emergency arises. Don’t invest this money in stocks or mutual funds. It should be kept in a savings account so you can access it if an emergency occurs. If your debt or employment situation makes it hard to save enough, you’ll want to consider getting a life insurance policy. Talk to an insurer and ask about your options. Obtaining an insurance policy might be enough to ensure your loved ones have the resources they need after your passing.
- Choose Power of Attorney
It’s also vital that you select a power of attorney who can make decisions and manage your money, health care, and assets if you cannot do so. If you get sick and are admitted to a hospital or if you are diagnosed with an illness that diminishes your ability to make your own decisions, a power of attorney will step in and act in your best interests.
As you can imagine, choosing the right power of attorney is important since this person will have legal authority to make decisions on your behalf. But you’ll want to have one in place if the unexpected happens.
- Preplan Your Final Service
You’ll also want to preplan your funeral or cremation service. It can be challenging for loved ones to plan a deceased relative’s final service on the heels of their passing. By going to a funeral home, sitting down with a funeral director, arranging a funeral service or cremation service, and making payment arrangements, you’ll spare your company from having to do so after you’re gone. They’ll be able to focus on grieving when you pass away.
Again, no one wants to think about their mortality. But everyone will pass on someday. It’s a good idea to get your affairs in order now so your family doesn’t have to shoulder such duties later. And when you do get your affairs in order, ensure you let your family know.
You should also store any documents that will be needed when you die so they can easily access them.