End-of-Life Planning: A Matter-of-Fact Guide to Preparing for the Inevitable - Part 02
If you haven't had a chance to read Part 01 yet, be sure to go back and check it out! We covered the importance of creating a will, setting up a trust, and how to start preparing for the future. Part 01 is the foundation for building a solid end-of-life plan, so don’t miss out on that crucial information before moving on to Part 02: End-of-Life Planning: A Matter-of-Fact Guide to Preparing for the Inevitable - Part 01
Advance Directive for Health Care
Creating a Last Will and Testament is a crucial aspect of end-of-life planning, but it's not the only piece of the puzzle. A signed and notarized living will and power of attorney are crucial, too. Both of these components are covered by an Advance Directive for health care.
An Advance Directive for health care is a document that outlines your healthcare wishes and who you would like to carry them out, should you become unable to do so yourself.
More specifically, an advance directive asks you to make decisions about if, when, and how you would like your medical provider to
Use artificial means to extend your life,
Treat your pain or discomfort,
Donate your organs,
Perform an autopsy, and
Dispose of your remains.
Weird things to think about but important none-the-less because, as Tara Parker-Pope reminds us in the Washington Post article, “6 joyful steps for end-of-life planning,” your choices are “a reflection of your values, your goals for healthy aging, and the hopes and dreams you have for those you love.”
What this means for each of us can be very different. You do not want to leave these very personal decisions subject to whoever is appointed by the laws of the state where you live—which is who will be making the call if you do not have an advance directive in place. (And who won’t be your partner if you are unmarried and have not named them as your proxy.)
I speak from personal experience when I say these topics are hard enough to think about at any time, let alone when you’re in shock or, heaven forbid, grieving. Don't burden your loved ones with this responsibility by waiting until a crisis strikes to take action. Ensure those close to you understand your preferences and are empowered to make decisions in line with your values by completing an advance directive for health care now while you’re still healthy and clear-headed.
Put it into action.
The good news is, the Advance Directive for health care is the easiest and most affordable part of end-of-life planning. But before you do anything, spend some time thinking about who you’d like to be your medical proxy. You want to feel confident this person understands you: your goals, your values, your priorities, and that, should they be asked to make decisions on your behalf, they will carry out your wishes—not theirs or anyone else's.
Take a look at the resources below to see how to do this yourself*, or contact Whitespace Consulting to speak with a financial advisor for free and gain access to an affordable service that can help you get this done—now.
*If you are a veteran, it’s important to note that the VA offers an advance directive specifically for veterans. If you’d like to know more, please contact your local Veteran’s Affairs (VA) office for more information.
Life Insurance
These days, there’s a lot on the interwebs touting life insurance as an effective way for the policyholder to make passive income. But, as is the case with all get-rich-quick schemes, it’s high-risk and low/no reward for most. Instead, I encourage people to think of life insurance as "income insurance," not a money-making opportunity.
Life insurance is a safety net, providing your loved ones with a financial cushion should you pass away unexpectedly. It can cover funeral expenses[4], outstanding debts, and most importantly, replace your income, ensuring that your family can continue to meet their everyday living expenses without you.
I say “most importantly” because according to a survey by Life Happens/LIMRA and a study by the LIFE Foundation, if a primary wage earner were to die
40% of Americans say they would immediately have trouble covering everyday living expenses, and
70% of U.S. households with children under 18 would have trouble within a few months.
One of the most fundamental ways to ensure your family's financial well-being is through life insurance—and yet, 54% of Americans do not have a policy in place! Maybe this is because people think that life insurance costs more than it actually does[5]. Or that you have to be in perfect health to get coverage. But I promise you, affordable policies that do not require a medical exam do exist!
If your loved ones depend on your income (or the income generated by your business) to pay the bills, it's essential to have life insurance.
Put it into action.
Whitespace Consulting has a licensed Life Insurance Producer on staff, ready to help you find the policy that gives your family the coverage they need and fits within your budget. All you need to do is schedule a free Financial Needs Analysis session to get this simple process started.
Otherwise, finding a life insurance provider is just a Google click away. To save you some time, I’ve listed a few best-of blogs I found during my search here:
Nerd Wallet: 8 Best Life Insurance Companies in September 2023
Policy Genius: Best life insurance companies: Expert-reviewed in 2023
A compassionate call to action.
Join me in normalizing end-of-life planning and fostering a legacy of compassion, preparedness, and enduring love.
Now is the time to embrace the inevitable with courage and care. Whether it's crafting your will, establishing a trust, or initiating difficult conversations with your loved ones, every small step you take is a tremendous gift to those you hold dear. Begin the journey of securing peace of mind for yourself and your family, today.
How we can help.
Whitespace was founded to help business owners achieve peace of mind in both their work and personal lives. Knowing that your affairs are in order and that your family and business are protected is just one of the many ways you can move closer to that goal.
So, if you would like someone to hold your hand as you navigate unknown territory and direct you to affordable resources that can get your documents in order, we are here to help.
Schedule a free Financial Needs Analysis session to identify what needs to be done to make sure your loved ones are cared for after you're gone.
[4] According to the National Funeral Directors Association, the median cost of a funeral with viewing and burial was $7,640 in 2019.
[5] 44% of respondents to the same survey overestimated the cost of life insurance. Insurance Barometer Study, Life Happens, and LIMRA.
[6] NPR Life Kit
Whitespace Consulting and its authors are not responsible for any actions taken by readers based on the information provided. Readers are urged to exercise their discretion, judgment, and due diligence when making decisions related to end-of-life planning, legal matters, financial planning, healthcare, or any other topics discussed on this website.
