What Is Needed to Put My Affairs in Order?

When it comes to planning for the future, organizing our personal affairs may not be at the top of our to-do list. However, taking the time to put our affairs in order is an important step towards ensuring peace of mind for ourselves and our loved ones. So, what exactly is needed to put our affairs in order? Here are some key elements to consider:

1. Identifying Important Documents:

Start by gathering and organizing your important documents. This may include your birth certificate, marriage certificate, will, power of attorney, passports, Centerlink or Medicare cards, insurance policies, bank account details, investment statements, and more. Having these documents easily accessible and well-organized can save your loved ones a lot of stress and uncertainty if they need to manage your affairs.

2. Creating a Will:

A will is a legal document that outlines your wishes for the distribution of your assets after your passing. It allows you to determine who will inherit your property, appoint guardians for your minor children, and even specify your funeral arrangements. While it can be done on your own, it is often advisable to seek legal assistance to ensure your will is legally sound and accurately reflects your intentions.

3. Designating Power of Attorney:

Power of attorney is a legal designation that allows someone else to make financial or medical decisions on your behalf if you become incapacitated. It is crucial to choose a trusted individual who understands your wishes and is capable of making decisions in your best interest. Consult an lawyer to draft the appropriate power of attorney documents and discuss your preferences with your designated person.

4. Considering Advance Care Directives:

Advance care directives, such as a living will, health care preferences or healthcare proxy, allow you to communicate your preferences for medical treatment and end-of-life care in the event you are unable to do so. Document your desires regarding resuscitation, life support, palliative care, and organ donation, among other things. It is essential to discuss these directives with your loved ones and healthcare providers to ensure they are aware of your wishes.

5. Managing Digital Assets:

In our increasingly digital world, it is crucial to consider the management of your digital assets. Compile a list of your online accounts, usernames, passwords, and other relevant information. Consider whether there are specific instructions for your online presence, social media accounts, and email account after your passing. Additionally, investigate digital legacy services that help manage and transfer digital assets and accounts.

6. Communicating Your Intentions:

While creating and organizing the necessary paperwork is essential, it is equally important to communicate your intentions and plans with your loved ones. Share information about the location of important documents, specify whom you have chosen as your power of attorney, executor, or guardian for your children, and discuss your healthcare preferences. Open and honest communication can alleviate confusion and ensure that everyone understands your wishes.

7. Regular Review and Update:

It is important to keep your affairs in order by regularly reviewing and updating your documents and plans. Life events such as births, deaths, marriages, or changes in your financial situation may necessitate adjustments to your will, power of attorney, or other legal documents. Set a reminder to revisit your affairs at least once a year to make any necessary updates.

Putting your affairs in order may feel overwhelming, but taking a step-by-step approach can make the process more manageable. Seek professional assistance from an estate lawyer, financial advisor or Death Doula, who can provide guidance and ensure you adhere to legal requirements. By organizing your personal affairs, you can provide peace of mind for yourself and your loved ones, knowing that your wishes will be respected and your affairs will be handled according to your intentions.