Some of us know what it is like when you end up being the person having to sort out family affairs. It makes you more determined to make sure that you get all your affairs into order before you retire. Your family will thank you so much for it.
Sorting out your affairs before retirement is crucial for easing the burden on your family and ensuring your wishes are honoured. Here’s a guide to help you get everything in order:
- Review your life insurance: Check your policy to ensure it still meets your needs and reflects any changes in your circumstances. Update it if necessary to make sure it provides the appropriate coverage for your retirement plans and family.
- Update your will: If you have a will, review it regularly to make sure it is up to date. Appoint an executor to manage the legal process and a trustee to manage and distribute your estate according to your wishes.
- Choose Power of Attorney (POA): Designate a POA for both health and property decisions. Having a backup for each ensures that your affairs will be managed if the primary person is unavailable or unable to act.
- Plan your funeral arrangements: Although it may feel uncomfortable, consider documenting your funeral wishes in a folder. This can include specific instructions, preferred photos for service sheets and other personal details to be followed.
- Organise legal documents: Keep all important legal, personal, business, health, and financial documents in a single, accessible location, such as a file box or folder. Inform a trusted person where to find these documents to ensure everything is in order when needed.
- Communicate your wishes for organ donation: Make sure your family is aware of your decision regarding organ donation to avoid any confusion or delays in case of an emergency.
- What needs replacing: Before you retire and while you are still bringing in an income, maybe you need to check if any appliances in your home or even your car need replacing. They say that a major appliance lasts approx. 12 years and then starts showing signs of wear and tear. Maybe time to downsize your car or even decide if you really need to have that extra car.
- Your home: Does your home need any repairs or anything replaced? Even if the jobs are small, better to get them done before retiring. Maybe retirement is a suitable time to decide if you want to downsize your home and spend more time catching up with family and do some travelling.
Taking these steps can significantly reduce stress and take some of the pressure off your loved ones, making sure your retirement years are enjoyable and that your affairs are well managed.
