All individuals die whether not planned or not. It is important for an individual to prepare for his or death in advance. In the long run, one will be able to allay the burden of decision making on friends and relatives, and opportunity for a peace filled the end of life is created. A plan should be developed by a person in advance since we are never sure when death strikes. The program should be implemented and ensure the lawyer and close relatives are aware, and they understand the wishes of the deceased. The funeral directors will help you in all matters to do with the funeral. The followings are some of the things done by an individual before he or she dies;
An individual should enlist the outside and inside of his or her home and record the list of the valuable items which are valued at hundred dollars or more. It is considered as one of the first steps to be carried out. Jewelry, vehicles, guns, laptops or computers, music system and power tools are some examples of the said items.
The non-physical things
One should carry out inventory on non-physical items too. Nonphysical items are the assets that persons own and have the legal documents and the list of beneficiary. The non-physical assets should be added up to get the total value of the items. Life insurance policies, brokerage accounts, bank accounts and IRA assets are some of the examples of non-physical assets.
Debts and credit card list should be assembled
For open loans and other debts, a separate list should be made. Existing mortgages, auto loans, and other monies that are owed by a person should be included. A credit report for about 12 months since it will enable an individual to identify the credit cards which one have completely forgotten.
Copy of asset list
The copy of the list of assets an individual owns should be sent to one’s estate administrator. After putting a person’s asset together in a list, it should be dated and signed, and about four copies should be made. The original copy should be sent to one’s estate administrator. For the individuals who are married, the other copy should be handed to the wife. The third copy should be put in a safe place like a safe box.
A will should be created
It is advisable for individuals over the age of eighteen years should have a will. It shows how one’s wealth and property will be shared among the people he or she has named and prevented havoc among them.…