Preparing for the End

I often talk about this subject in my financial literacy sessions. What does one need to do from a financial angle to prepare for the ultimate truth – your exit from the world?

I give below a few pointers and questions.

  1. Study the succession laws in your country in detail.
  2. Write a will. It can be changed any number of times.
  3. Keep a record of all financial details – bank accounts, insurance policies, stock market investments, location of metal, cash or other valuable possessions. Let someone know where to look for it.
  4. If you have a financial advisor or chartered accountant helping you, share his or her contact details with your family. They will be able to proceed ahead with the advisor’s help.
  5. As age advances, it makes sense to liquidate belongings and convert those to cash or stocks. Allocation and distribution will be a smoother process, than in the case of real estate and other material stuff. It also helps in making a more equitable distribution.

A question I often ask is “What happens if you are in a coma, and your family needs funds for your medical expenses? How will they access your funds?”

Since you are still alive, the will and succession plan is not effective as yet.

The common responses I receive is that people are willing to trust their spouse, but not the children with passwords etc.

Answers will differ for each of you. I’ll leave you to think about this question.

Friday Faithfuls

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11 thoughts on “Preparing for the End

  1. This was an interesting post and I’ve been thinking about this stuff for a couple of months now. Last week I reached out to a place to talk about arranging for the ultimate end and where I’ll wind up. I was shocked at the prices for that stuff.

    Liked by 1 person

    1. It starts with paying for stem cells preservation at birth. It may end at ‘living wills’ – how your body should be treated in a comatose state, organ donation, choosing to be a cadaver in a lab and more.

      In India we have priests who charge a bomb for ensuring that the soul rests in peace with the help of their mantras.

      The living will never stop exploiting death.


  2. Wills need to be updated too! My father died when I was 53, leaving a will that was written when I was 19. I was the only person left alive in it and it had unclear instructions regarding the next generation. Family lawsuits are no fun.

    Liked by 1 person

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