Regardless of your age and current health situation – if you have a family, it’s essential you get all of your affairs sorted out so that you don’t leave them in debt. It sounds rather dramatic, but you would be amazed at what kind of problems are caused when someone passes away without tying their loose ends first. It will not only be a traumatic time for your loved ones because you’ve gone, but it will also be a hectic and overwhelming experience having to deal with harassment from debt collectors and creditors. – All of this can be avoided if you take care of your affairs early, so that no one else has to deal with them.

    Here’s how you can spare your family the stress, and enjoy your life worry-free.

    Write your will  

    A will shouldn’t take long to sort out, as long as you know exactly what you need to include. The more things you own, the more complicated it may be, in which case it may be best to get the help from a financial advisor to make sure you’re doing everything right. Once it’s done, keep it hidden somewhere safe, and only tell someone (who you trust) where it is just in case. You should also plan your funeral while you’re at it so that nobody else has to worry, as it can be a costly event. Compare funeral directors so that you are sure you’re getting the best one for you.

    Write a short list of your major assets

    It’s a good idea to write out all of your large assets. This can be anything from bank accounts, estates, investments, cars, land, etc. Once you have done that you should put it in with your will. If for any reason you are worried about people getting hold of it that shouldn’t, then don’t put any account numbers down on file, instead, just note the name of the account, or the type, or even just the company. By doing this, you will help out your family as well as the executor if anything were to happen to you and you are no longer able to discuss this.

    Life Insurance

    If you already have life insurance, make sure that it is put in a trust. All that is, is a bit of paperwork that you can get through the company that you are insured with. It’s very simple and completely free – it’s just a way of ensuring that the insurance will go straight to the beneficiaries that you have chosen, and not through your estate. That way there is no risk of you having to pay inheritance tax on those funds.

    If you haven’t got life insurance, you may want to consider getting some. If you haven’t got a family that is depending on you financially, then it isn’t that important. But if you have, the insurance will make a huge difference.

    Now you know what needs to be done, sort it out so you can relax and have peace of mind.