The End of Your Life: Will it Be Good or Bad?

 

A frequently used quote is that “nothing is certain in life except death and taxes.” One of the topics that I wrote about in my book, Flipping a Switch: Your Guide to Happiness and Financial Security in Later Life, is having a “good ending” to your life. 

But what exactly does that mean?

For many people, a “good ending” means dying in peace, preferably at home with loved ones nearby. In addition, most people want a “Niagara Falls” death versus a long period of decline. In other words, to live well for as long as possible and then “go over the edge” and die quickly.

Other hallmarks of a “good ending” to life include the following:

    Organized Financial Records- Prepare a “financial center” (e.g., desk drawers) for documents like insurance policies; recent income tax returns; bank, investment, and credit card statements; and copies of a will, living will, etc. Make sure trusted parties have access, if needed.

 

   Personalized Financial Statements- Provide trusted parties with a current net worth (assets minus debts) and cash flow (income minus expenses) statement, contact information for financial advisors (e.g., lawyer, insurance agent, etc.), and login information for digital assets.

   Advance Directives- Contact an attorney to prepare a living will and health care power of attorney. Doing this will avoid “hospital hallway huddles” by stressed out relatives and ensure that your personal wishes regarding end-of-life care are respected.

 

   Buried Hatchets- Reach out to estranged family and friends with words like “thank you,” “I love you,” “please forgive me,” and “I forgive you” before it is too late. Apologize to those you love if you hurt them and tell friends and family how much they mean to you.

 

   Post-Death Instructions- Leave instructions for a memorial service agenda and charitable tribute contributions and select and prepay funeral and burial services. Another way people can take charge of their personal “ending” is by writing their own obituary.

 

Recently, I witnessed and personally experienced four features of a bad (financial) ending:

 

   Financial Infidelity- Don’t lie or withhold financial information. Doing this erodes trust and makes it very difficult for family, heirs, and fiduciaries (e.g., executor) to move forward.

 

   No Financial Statements- Don’t force your loved ones to be “forensic accountants” and have to reconstruct your finances from statements and a checkbook register. It is not easy to do!

 

   No Funeral Plans- Don’t force a family member to have to unexpectedly put a 4- or 5-figure cremation or funeral bill on a credit card because no plan or set-aside funding was available.

 

   No Digital Assets Inventory- Leave a list of logins for digital devices and online accounts. Don’t force your survivors to try to track this data down or permanently have to live without it.

Bottom line: 

    Make the time, while you are able, to take actions that increase the liklihood of having a good ending to your life. It is a gift to yourself and your family.