How Your Loved Ones May Suffer If You Fail To Plan for Your Death
If you have a family or loved ones who mean a lot to you, then you owe it to them to plan ahead in the
event of your untimely death. Tragedy or illness can strike at any time. If it strikes you, what will happen
to your family and/or loved ones? The answer to that question depends, in large part, to whether or not
you took the time to plan ahead.
Planning for your own death usually starts with having an in-depth discussion with your family or loved
ones regarding your desires for your funeral service. Don’t put them in the position of having to make
these decisions when they are grieving your death. Don’t stop at just discussing your wishes. Make
arrangements for the cost of your funeral as well. Although the cost of a funeral service can fluctuate
wildly, the average cost as of 2012 is around $7,500. Consider pre-paying for a service, purchasing a life
insurance policy that will cover the cost, or setting aside funds that will be accessible to your family or
loved ones in the event of your death.
This brings up another important consideration. If you do not plan ahead, your assets and cash may not
be accessible to your loved ones--not even to your spouse in some cases. Accounts and assets that are
held in your name only may be immediately secured and held up in the probate process. Even if a judge
ultimately releases some of the funds to your family, it could easily take a month or two before the
release is ordered. If your family depends on your financial support, don’t you owe it to them to make
sure they can pay the day-to-day living expenses after your death? There are a number of ways that you
can make funds immediately available in the event of your death. Converting accounts to “pay on
death,” incorporating life insurance into your estate plan, or creating a trust are all estate planning
options that may work to ensure that your family has access to funds immediately after your death
without having to wait for the probate court to release them.
Take the time to talk with your family now and sit down and create an estate plan before its too late.
Experienced estate planning attorneys Atlanta GA of the Pyke & Associates P.C. offers estate planning
and business planning resources to residents of Atlanta GA. To learn more about these free resources,
please visit http://www.cpyke.com today.