6. MILITARY BENEFITS If you or your spouse served in the military, keep important documents like the DD 214 form handy. Understand your survivor benefits, such as the Survivor Benefit Plan (SBP), and reach out to the VA for assistance with benefits and burial support. 5. WILLS AND TRUSTS Make a will and have it notarized. For larger or more complex estates, consider a trust to avoid probate and possibly save on taxes. Trusts can also ensure that assets are distributed according to your wishes, such as setting up trusts for children or a spouse. 7. FUNERAL EXPENSES Funeral costs can be significant, so plan ahead. Consider life insurance or savings to cover the $10,000 to $20,000 that typical funeral services may cost. Knowing how you will cover these expenses will relieve added stress during an already difficult time. 8. SOCIAL SECURITY BENEFITS Social Security provides a small one-time death benefit of $255, but more importantly, surviving spouses and children may be eligible for ongoing benefits. Understand how your spouse’s Social Security benefits work and what you may qualify for after their death. 9. IMPORTANT DOCUMENTS AND PASSWORDS Organize all important documents like wills, insurance policies, and financial records in one secure place, such as a fireproof safe. Keep a record of passwords and usernames for all accounts and make sure your spouse knows how to access everything when needed. 10. EMOTIONAL AND PRACTICAL SUPPORT Don’t go through a loss alone. Lean on family, friends, and support groups for emotional support. Take your time with big decisions like selling your home or moving. Being prepared will give you the flexibility to focus on healing without rushing into major life changes.
10 MUST DOs TO PREPARE FOR THE UNEXPECTED Life is unpredictable, and being prepared can make all the difference when facing the unexpected. This guide highlights the key steps you can take now to protect your family and ensure your affairs are in order.
1. LIFE INSURANCE Get life insurance early when it’s more affordable. Term life insurance until age 60 or 70 is a good option for many. It helps cover immediate expenses like funerals and can provide financial support for the future, such as college. Ensure you’ve named beneficiaries and that someone knows where the policy is and its details. 2. FINANCIAL ACCOUNTS Keep an updated list of all financial accounts, including bank accounts,retirement funds, and investment accounts. Both spouses should have access and be named on joint accounts to avoid probate. Always name beneficiaries and ensure your spouse knows how to access accounts, usernames, passwords, and important contacts. 3. REAL PROPERTY Make sure both spouses are listed on property deeds and vehicle titles to avoid legal complications. If a spouse passes, update the documents by removing their name. Discuss what to do with rental properties or other real estate if one spouse is left managing them alone. 4. POWER OF ATTORNEY (POA) & MEDICAL DIRECTIVES Sign documents granting your spouse power of attorney to make financial and medical decisions if you’re incapacitated. Also, have an honest conversation about life support and sign advance directives that specify your wishes in such situations.
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