You are valuable. It doesn’t matter who you are or what stage of life you are in, you are adding value to someone’s life.
For many of us, we are adding value to a household. We have a spouse and/or children who depend on us. Beyond the intangible things like love, affection, leadership, wisdom, and more are the tangible things.
If you take a minute to think through all the ways you add value to your household, you would be able to rattle off a few obvious tangible aspects like providing income and household management. If you spend more than a minute thinking through this, the list of items would grow. How you uniquely execute these values would add even more depth to your list.
Have you ever made a list like this? Have you thought through all the intangible values you add to your home? These are important factors to consider, and though it’s a tough conversation, should something happen to you, do you have a plan for how to replace this value? Does your spouse know what to do to execute this plan?
Although no one likes to think about dying, it is wise to prepare your loved ones for your passing because it is an unfortunate reality we will all face. One of the most important things you can do to ensure your loved ones are prepared in the event of your untimely death is to create a comprehensive list of essential items that they will need to help replace the value you add to the household.
Here are some of the most important items to include in your list:
- Estate plan: Your estate plan should include a will and living trust, which outlines how your assets will be distributed after your death. It’s important to update your estate plan regularly to reflect any changes in your life circumstances or financials.
- Life insurance: Life insurance is a crucial component of any financial plan. It can provide your spouse with financial support in the event of your death, covering expenses such as funeral costs, outstanding debts, and living expenses. But, more importantly, life insurance is used to help replace income that you provide for your household.
- Passwords: In today’s digital age, it’s important to provide your spouse with access to your online accounts and passwords. This may include email accounts, social media profiles, online banking and investment accounts, and more. The last thing your spouse will want to do is try and figure out how to access important accounts as they grieve your death.
PRO TIP: Using a password management tool is not only a safe way to have random string passwords, but it is an excellent way to give your spouse access.
- Location of important documents: Your spouse should know where to find the estate plan, life insurance contracts, and other important documents. And this goes beyond a file cabinet with a lock. For me, I store these items in a secure digital location to make things easier.
- Contact information of financial professionals: Your spouse should have contact information for any financial professionals you work with, such as your financial planner, insurance agent, home loan advisor, realtor, or accountant.
BONUS: Going beyond the contact information and making sure your spouse has a relationship with each of these professionals will help give even more peace of mind.
6. Household management: Do you pay the bills? Execute household maintenance? Do the laundry? Ensure the house is clean? Would your spouse be able to do this if you pass? Having a list that includes specific instructions with pictures and videos would be very helpful!
Preparing for the unexpected is never easy, but taking the time to develop a comprehensive list of essential items for your spouse can provide peace of mind and ensure their financial security in the event of your untimely death.
We believe this to be so important that we have created a free online quiz to help you understand how prepared you are! Click the button below to take this short quiz and find out what holes you may need to fill as you work to fully prepare your spouse.