• Posted October 26, 2022

How to Get Your Affairs in Order at the End of Your Life

After living a long and full life, it is important to make sure that you have your affairs in order. Doing so will ensure that your family has a more manageable time after your passing and that they have what they need. It can feel overwhelming to have to figure out what to do with your affairs at the end of your life, but taking care of a few simple things can help you along according to our certified financial planning team in Hartford, CT.

Choose Beneficiaries on Your Accounts

Any accounts that you have are going to need to pass to someone else at the end of your life. This means that you should select people to have those accounts after your passing. You can choose anyone that you would like to take over those accounts.

You should choose carefully, so you know that your assets are going to the right place. Some accounts allow you to list beneficiaries directly, while others may require you to list the beneficiaries in your will to make sure they end up in the right place.

Write Your Will

Many people are intimidated at the prospect of writing a will, but it is an important step that you need to take in order to make sure your affairs are in order. Your will should delineate who will inherit what from your estate. Your last will and testament tell your heirs what to do with your assets.

If you have young children, you will also want to make sure that you choose someone to take care of them after your passing. Your will can help your family and friends to ensure that the process of probate goes smoothly after your death. Our certified financial planners can provide succession planning services as part of a will.

Choose an Executor

One of the most important parts of aligning your affairs is making sure that you have someone you trust to take care of the process. The executor of your will is responsible for making sure that everything goes where you want it to go. You should choose this person in advance and try to have a conversation with them before you pass. That way, you know that they understand your wishes and will do everything in their power to follow through on them.

Getting your affairs in order can feel stressful and frustrating. But that doesn’t mean that you shouldn't do what you can to make it happen. When you take the time to get your affairs in order, you can rest assured that your family will be taken care of.

Did you enjoy this article? Here’s more to read: Financial Planning And Why You Need an Estate Plan

Contact Tenpath Financial Group for certified financial planning services.