It’s no fun thinking about what happens when you die. It’s a pretty big downer, but it’s important to discuss this matter with your spouse. In case of the worst, you want everything to be in order. Being prepared can alleviate some stress during a terrible situation.
We’ve told you how to prepare for your death, both financially and otherwise. But Fidelity reminds us that it’s also important to communicate with your spouse about this. Don’t know where to start? They suggest you cover the following:
The basics: a list of financial accounts: Chances are each of you has a number of financial accounts… Make sure you at least know which accounts you each have and where they are. Creating a spreadsheet with account numbers is a great way to keep track of them.
Account beneficiaries: It’s not hard to name — or update — beneficiaries on financial accounts. Most financial service providers let you do it online. Naming beneficiaries on all accounts can help avoid legal complications in the event of a death.
What to do if your other half dies or becomes disabled: Each half of a couple should have these three documents and discuss their wishes with each other: A will or a living trust and “pour-over” will combination…a power of attorney…a health care “proxy.”
Emergency planning: Know where important legal documents are: The last two years of tax returns, marriage and birth certificates, insurance policies, wills, and health care proxies are a few of the things both partners need to know where to find.
This way, should the worst happen, you’re prepared. Fidelity goes into greater detail with each of these tips, so be sure to check out the rest of the post at the link below.