There are three things that are inevitable, Being born, Change and Death. A new born undergoes Changes and development into toddler and eventually through physical, mental, educational and social moulding becomes an adults. The adult will live a purposeful life and eventually grow into old age and dies. You have no control over when and into which country or family you were born, neither do you know when you will die. As much as we self-care and take preventative care to remain healthy and safe ,admitting the inevitable and preparing for it is a reality every adult must face.
Younger adults, do Life insurance to take care of their families in case of loss of income due to illness or death. They do long term financial planning for retirement and old age. Doing a Will is also recommended. In old age, facing the reality of death is appropriate. Hopefully they are enjoying the investments made towards retirement and will need to think about taking care of their spouse and other issues after their death. They will have to consider
- Making a WILL .This is very important and it can be updated whenever you want. It will set out your wishes about your possession and your finances after your death. A good solicitor will help make thing clear and not ambiguous or contestable.
- Lasting Power of Attorney. LPA.(Property and Financial affairs and 2. Health and welfare) These are legal document that state a person’s wishes and appoints a person (or individuals) who will act for them in case they cannot make an informed decision due to illness, accident or disability. The Power of Attorney need to be registered in order to be legally applied.
- Inheritance Tax burden. There are rules about taxes which your children or relatives will pay depending on the value of your properties. A financial adviser will help you with the complexities of this tax.
- Funeral arrangements and expenses if this is not already put in the will. Some people do after death insurance which covers the funeral expenses. This is a huge relief and help for their children and relatives.
- Document your financial affairs and investments. In some marriages one person may be in charge of finances and the other one may have no clues. In case of death, dementia or divorce, the other partner will be lost. The documentation can be paper or computer based, should be discussed with the non-financial partner and an updated review done 3-6 monthly.
The older citizens need to take care of their Spiritual Affairs. Making peace with men and the higher power, God, depending on their faith. Religious leaders and Pastors will advise on the teachings and belief of your faith. Some faith believe that death is a transition into another spiritual life and since you are not taking physical properties with you, you have to prepare your spirit for the afterlife. The afterlife is believed to be where your faith and good works are rewarded, and bad and evil works are punished. The insurance for a good afterlife is done here on earth, while you are still alive.