Although an unpleasant reality, settling your affairs is an important part of growing older. It ensures a smooth transition for your business and personal assets and relieves the burden from your family.
The process of settling your affairs can seem daunting when first entered into, but a plan and support from family can help ease the strain. A lawyer or notary can help get you started by outlining the steps you need to take. It does not need to be over-complicated. Once you have determined what and to whom your legacy will be shared, it is then a simple matter to have a will drawn up to document those decisions.
There are two important matters that get decided at this time: a reassessment of your current wealth and an opportunity to let your loved ones know of your wishes. Knowing your current wealth enables you to clearly make short- and long-term decisions: Do you wish to travel? Are you interested in purchasing a second property for weekends and vacations? Do you wish to provide for your children and grandchildren, do you have a business that needs to transition to family or be sold to a third party? It is these questions about the future that provide us with the most help in living for today.
Letting your family know your requests and bequests—from decisions about money and property to what you wish for your remains: burial or cremation—allows the family to get settled on these matters in advance of your death. It can also ease stress from your life, knowing that you have accomplished what seemed an overwhelming task. Furthermore you will have the peace of mind that you have made an emotional, difficult time less onerous for your loved ones.