Get Your Affairs in Order
I have bad news and good news for you.
The bad news is that you will die.
The good news is that if you are reading this you still have time to get your affairs in order.
Now, do I have your attention? Discussions about death and dying are never pleasant, but they are necessary.
After all, we are all dying.
Some will go earlier than others, but in the end we will all meet the same fate.
Religious leaders may tell there is such a thing as Life Everlasting or reincarnation, but don't count on it.
Dead is dead.
A big mistake that we mortals make is that we worry about how we can avoid or at least postpone death.
A good set of genes and a healthful life style will help us add a few years to our lives, but they do not confer immortality.
Also, the straining and groaning that you do at the health club will barely make a dent in your final destiny.
Instead of worrying about how we can extend our own lives, we should instead be focusing on the plight of those who will be left behind after we die.
Men, especially, should discard the notion that they will live long lives or that, as a minimum, they will outlive their wives.
It's not going to happen.
According to the CDC, the average lifespan of a male in the United States is 75, but women, on average, live to 80.
Moreover, an article in the Harvard University Gazette cites a study of 100 centenarians in eight cities and towns around Boston.
They found that 85 were women.
So now it is time, like the detectives often say in "Law and Order," to be a stand-up guy.
Do the right thing.
Discard your notions of immortality and put your affairs in order so that problems associated with your passing will be minimized.
That is the least you can do for your spouse, your children and your loved ones.
You don't necessarily need a gaggle of lawyers and accountants to accomplish this.
Most of the work can be done by you alone over a weekend.
Your overriding goals should be to simplify your estate and to ensure that you have set aside sufficient cash and near-cash reserves for paying bills long after you are gone.
Instead of having hundreds of key documents in safe-deposit boxes, filing cabinets and desk drawers throughout your house, you should consolidate them into three loose-leaf notebooks, numbered 1, 2 and 3.
Place non-financial documents in notebook 1, including: oLast will and testament oDurable power of attorney.
oSocial Security information for widows oMilitary funeral honors information oAdvance medical directive oProposed obituaries oCopies of trusts that have been set up for family members Documents pertaining to illiquid financial assets should go into notebook 2: oA list of mutual funds oVehicle titles oReal property deeds oAccount statements from stock brokerage houses oIRA account information o401(k) information oCopies of insurance policies (cover sheets okay) The third, and perhaps most important notebook, should have documentation pertaining to cash and near-cash assets, such as savings accounts, checking accounts and certificates of deposit.
If total assets exceed $100,000, the money should be spread among multiple banks to take advantage of FDIC insurance.
This notebook should also include ATM cards, passwords and personal checks for each account.
Everything should be arranged so that a spouse or next-of-kin can get money easily to pay their living expenses and other bills.
I'm sure that you can think of many ways that this system can be refined and improved.
Good.
Do it.
Make sure that when you die your spouse doesn't have to sort through hundreds of documents, stored in multiple nooks and crannies around the house, just to settle your affairs and maintain his or her standard of living.
The bad news is that you will die.
The good news is that if you are reading this you still have time to get your affairs in order.
Now, do I have your attention? Discussions about death and dying are never pleasant, but they are necessary.
After all, we are all dying.
Some will go earlier than others, but in the end we will all meet the same fate.
Religious leaders may tell there is such a thing as Life Everlasting or reincarnation, but don't count on it.
Dead is dead.
A big mistake that we mortals make is that we worry about how we can avoid or at least postpone death.
A good set of genes and a healthful life style will help us add a few years to our lives, but they do not confer immortality.
Also, the straining and groaning that you do at the health club will barely make a dent in your final destiny.
Instead of worrying about how we can extend our own lives, we should instead be focusing on the plight of those who will be left behind after we die.
Men, especially, should discard the notion that they will live long lives or that, as a minimum, they will outlive their wives.
It's not going to happen.
According to the CDC, the average lifespan of a male in the United States is 75, but women, on average, live to 80.
Moreover, an article in the Harvard University Gazette cites a study of 100 centenarians in eight cities and towns around Boston.
They found that 85 were women.
So now it is time, like the detectives often say in "Law and Order," to be a stand-up guy.
Do the right thing.
Discard your notions of immortality and put your affairs in order so that problems associated with your passing will be minimized.
That is the least you can do for your spouse, your children and your loved ones.
You don't necessarily need a gaggle of lawyers and accountants to accomplish this.
Most of the work can be done by you alone over a weekend.
Your overriding goals should be to simplify your estate and to ensure that you have set aside sufficient cash and near-cash reserves for paying bills long after you are gone.
Instead of having hundreds of key documents in safe-deposit boxes, filing cabinets and desk drawers throughout your house, you should consolidate them into three loose-leaf notebooks, numbered 1, 2 and 3.
Place non-financial documents in notebook 1, including: oLast will and testament oDurable power of attorney.
oSocial Security information for widows oMilitary funeral honors information oAdvance medical directive oProposed obituaries oCopies of trusts that have been set up for family members Documents pertaining to illiquid financial assets should go into notebook 2: oA list of mutual funds oVehicle titles oReal property deeds oAccount statements from stock brokerage houses oIRA account information o401(k) information oCopies of insurance policies (cover sheets okay) The third, and perhaps most important notebook, should have documentation pertaining to cash and near-cash assets, such as savings accounts, checking accounts and certificates of deposit.
If total assets exceed $100,000, the money should be spread among multiple banks to take advantage of FDIC insurance.
This notebook should also include ATM cards, passwords and personal checks for each account.
Everything should be arranged so that a spouse or next-of-kin can get money easily to pay their living expenses and other bills.
I'm sure that you can think of many ways that this system can be refined and improved.
Good.
Do it.
Make sure that when you die your spouse doesn't have to sort through hundreds of documents, stored in multiple nooks and crannies around the house, just to settle your affairs and maintain his or her standard of living.