Death and How to Plan for the Inevitable

By Megan Brinsfield, CFA, CFP

Whether contemplating your own mortality or supporting a loved one going through illness, death is typically not embraced in the American culture as a dinner table topic. Megan Brinsfield and Sean Gates talk through some of the financial aspects of end-of-life planning. (See Megan's Bio)

PLANNING FOR YOUR OWN DEATH

• It's all about those documents!
  • Will, medical directive, POA
  • Beneficiary review and asset titling to reduce probate burden
  • And don't forget about online accounts like Facebook and Gmail – many providers are putting "trusted contact" provisions in place
• Talk about final plans
  • Burial, cremation, or donation – oh my!
  • Programs to pre-plan and pre-pay your funeral
• If you haven't hired a financial advisor already, consider doing so

PLANNING FOR CAREGIVERS

• Look into what benefits you have through your workplace such as bereavement leave, FMLA, and remote or part-time work arrangements
• Take a moment to think through the hypotheticals of what you would need to do if a loved one was seriously ill in terms of relocating.
• Set aside time for the emotional part by considering a therapist, grief support group and/or reading and journaling. Caregiving can be emotionally draining.

RESOURCES

• Letter from a dead spouse
• Gmail Inactive Account Manager
• Facebook’s policies on deceased persons
• Final Gifts for family/friends of a loved one nearing death