Most of us create a wish list of things to do before dying. It is important to do a few things prior to saying goodbye to all our friends and family we love. This list may not be exciting, but it will bring support to your family and peace to their minds when you are no longer in their lives.
A Will must be made
Your family will suffer in case you do not create a Will. It is important that you create a Will and update it at regular intervals. Your family must know the details of your latest Will. Alternatively, give them the contact details of the lawyer who assisted you to prepare this document. If you do this, your family can avoid a number of legal problems in the future.
Multiple assets, zero record
There is a high chance you have made investments across a number of asset classes like stock, fixed deposits, mutual funds and life insurance. It is important that you update your family on where they could locate the most advanced version of the list. If you do this, there is absolutely no reason that your family will have to search hard to find out where exactly you have invested all your cash. They could have a much easier time.
Make a list of money lying in your name in different bank accounts. In an ideal world, you should include the name of a family member as joint account holder. When you do this, your family member can operate that account independently.
You did the correct thing by subscribing to life insurance. Ensure that the details are known to your family. It is an excellent idea to keep record of all the policies in the same bag with all details like name of the insurer, financial agent or advisor and the beneficiary list. When you die, your beneficiaries will find it easy to claim what is theirs.
Ask your employer
You should always keep your family updated concerning your employment details. Give them the number of a colleague you trust the most. They can call the person if there is an emergency. This is important for other purposes as well. In case your employment contract mentioned any bonus or vacation pay, they can collect it after you have passed on. Make a small emergency fund.