Northwestern Mutual: 6 Reasons to Create an End-of-Life Plan Now

Thinking or talking about death isn't something most people enjoy. But death is a part of life, and without planning, legal and financial complications can add to loved ones' grief.  

For those who haven't yet considered one, here are 6 reasons to create an end-of-life plan now.  

Nobody Knows When the End Will Be  

Harsh reality check: nobody knows when their last day will be. Failure to plan for the unexpected doesn't mean it won't happen anyway.  

Even during younger years, having an end-of-life plan in place, plus a great term or whole life insurance policy can provide peace of mind that loved ones would be protected if something were to happen. The end-of-life plan will define how financial assets are divided, and the death benefit payout from life insurance can provide financial security for loved ones without having to wait for an estate to be settled. 

End-of-life Planning is Used Before Life Ends  

A thorough end-of-life plan includes more than a last will & testament. It also outlines desires for medical care, including defining a healthcare proxy who should make health care decisions if the patient becomes incapacitated or unable to speak for themselves. Outlining how someone wants health care to be handled means their last weeks or months of life will be carried out according to their wishes.  

Take Control of One's Legacy  

Everyone hopes to be remembered by their loved ones. But it's up to each person to decide if people will be grateful for a well-organized estate or think the whole thing is kind of a mess. End-of-life plans are one last opportunity to show loved ones how much someone cares by ensuring all aspects of the estate are easily understood and packaged up for dissemination to the appropriate parties.

Limit Stress for Loved Ones  

Rarely does anyone have the time to take from their busy lives to sift through someone else's business. But those who fail to create proper end-of-life planning documents often require loved ones to do just that. Time is valuable, so by outlining wishes in appropriate documents, loved ones will know exactly how to handle affairs after someone passes away, thereby limiting their stress and streamlining how long it will take.

Protect Minor Children  

Parents of young children need to consider who will care for them if something happens to one or both parents. Without a will to define the parent's wishes, the care of children will be left for the state to decide. Naming a legal guardian can simplify what's sure to be a traumatic and complex situation by making sure minor children are cared for by the appropriate loved ones.

The Bottom Line  

A delay in creating an end-of-life plan only puts loved ones in a position of being unprepared. On the other hand, creating a plan and sharing it with loved ones can put everyone at peace and protect the legacy that someone has spent a lifetime building.

Contact: michael.bertini@iquanti.com

Source: Northwestern Mutual

Share:


Categories: Personal and Family Finances, Personal and Family Finances, Banking, Finance, Insurance, House and Rental Insurance, Life Insurance, Insurance, Banking, Finance, Insurance, Lifestyles and Society

Tags: insurance, life insurance, personal finance


About Northwestern Mutual

View Website

Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help clients plan for what's most important.