Money is one of those topics were not encouraged to discuss openly.
Thats high up on the list, too.
But the inevitable is truly inevitable.
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If youve cared for anaging parentor someone with along-term illness, you know the kinds of expenses that accumulate.
But if youre young or in good health, you may not have thought about your own mortality.
And if you die unexpectedly, someone will have to put together the puzzle you leave behind.
Do I Need a Will?
A will isnt just a thing that people with money or assets make.
Do you have a car?
A job with a 401(k)?
Then you probably need a will.
If youre 18 and live away from home, you need the paperwork.
Its just leaving behind instructions.
No Interest Til Almost 2027?
Read ourfull guide on wills and estate planningto help reduce the stress of planning for the inevitable.
What Will Happen to My Bank Accounts?
you should probably give their name and Social Security number.
Having a joint account with your spouse isnt an easier solution, she warned.
Should I Have Life Insurance?
You might see infomercials for life insurance when youre home sick and catching up on The Price Is Right.
First, think about what it would cost to have thetype of funeralyoud prefer.
Add it all up, and youll have a good idea of how much coverage youll want.
Once it expires, you’re gonna wanna buy a new policy.
Thats just a basic rundown of life insurance options.
We have more information about thedifferent types of life insuranceavailable.
Even if its $3,000, that should pretty much cover cremation and a burial, Pickard said.
Does Someone Know Where My Important Documents Are Stored?
A safe deposit box is not a good place.
These documents need to be accessed sooner than a trip to the bank.
This helps ensure at least one of those people is available to help if the need arises.
5. Who Has Access to My Passwords?
What about your digital life?
There are online billing portals and account histories, sure.
But what about your Facebook account or yourcloud file storage?
Its not just a new area for estate planners to tackle its new for lawmakers, too.
6. Who Are My Beneficiaries?
Ruth recommends checking annually your beneficiary designations, those who get the funds from your accounts should you die.
So confirm its going to the right people.
Am I Ready to Talk About This (Out Loud)?!?!?!?
Its really hard to talk about death, especially when it seems far off and hypothetical.
But frank conversations now can make life easier later for the loved ones you leave behind.
Fournier urges people to think about their final wishes, even if they are healthy.
And if you want a grand exit, you may want to do additional financial planning.
With more than 25 years in the funeral industry, Fournier has learned that final wishes arent always reasonable.
It helps to give your family an out, Fournier said.
Lisa Rowan is a senior writer and producer at The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…