Confronting Denial: 7 Steps to Prepare for a Positive Legacy

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Denial is a powerful force in human emotion, often allowing people to maintain harmful habits. Whether it’s smoking, overeating, or indulging in other vices, denial helps people justify their actions. However, there’s one form of denial that is universal: planning for one’s eventual death.

If you’ve received a medical diagnosis with a poor prognosis, the reality of planning for death becomes more pressing. Yet, death can happen unexpectedly, by accident or suddenly, without any warning. Accepting the inevitable fact that you will die someday, even if you don’t know when, is crucial. Here are seven steps you should take right away to prepare for a positive legacy.

1. Create a Will or Trust

Ensure you have a legal document that clearly outlines your wishes. If you die without a written Will or Trust, and you have assets or loved ones, they might have to navigate the probate or court system to address your estate. This isn’t just about money; it includes plans for minor children and other personal matters.

2. Advanced Health Care Directive

Also known as a Living Will in some regions, this document should be accessible to those you trust. Store it on an easily accessible online platform, not in a drawer where it might be missed. In medical emergencies, whether local or while traveling, this document is crucial. If you don’t want to be placed on medical life support, ensure this document is available to make timely decisions.

3. Assemble a Trusted Team

Identify and communicate with those you trust to help your family and loved ones in the event of your death. Compile their contact information and clearly outline how they might assist. Having a reliable team can greatly ease the burden on your loved ones.

4. Don’t Hide Things

Transparency is essential. Ensure one or more trusted individuals know where your important assets and documents are located. This includes anything from hidden valuables to specific investment accounts.

Hiding things

5. Document Assets and Liabilities

Make a comprehensive list of your assets and liabilities that is easily accessible. This will help those you leave behind manage bills and ensure that what’s left goes to those you care about, rather than being tangled up in legal complications.

6. Communicate While Alive

You won’t be able to communicate from the grave, so share your intentions and plans with those important to you while you’re still here. This not only strengthens your relationships but also helps them understand and prepare for the future.

7. Secure Your Passwords

Make sure your passwords are accessible and known to a trusted individual, but do not store them insecurely or in an easily accessible digital format. Proper password management is crucial for accessing financial accounts and important documents.

Family discussion

By confronting denial and taking these six steps, you can ensure a smoother and more positive legacy transfer. Thoughtful preparation today will help your loved ones navigate the difficult time following your death with less stress and confusion. Take these steps to be remembered as someone who cared deeply and planned thoughtfully for the future.

 

Ian Goldey, the author of this article, brings over three decades of experience as a private wealth manager, assisting families with their financial planning. He has applied this extensive knowledge, along with his partners to create WhenIDie.com, a digital platform that simplifies the entire process of death planning and more. Try it free for 30- days. Apply this code 2024BLG15 for a 15% discount!

 

Legal Disclaimer

The information provided in this blog is for general informational purposes only and is not intended to be tax, legal, or financial advice. Readers should not act upon this information without seeking professional counsel tailored to their individual circumstances. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties regarding its completeness, accuracy, or current applicability. The use of this blog does not create an attorney-client or accountant-client relationship. For personalized advice, please consult a licensed attorney, tax advisor, or financial professional.

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Hi (trusted person),

it’s (Plan Creator), and you are getting this (text or email) because you are one of the most influential people in my life and I would like you to be one of my Trusted Individuals “If I Die”. Making sure my family, friends and loved ones are taken care of “When I Die” is being handled by this web-based program I have purchased from a company called Asset Planet. This program is accessible anywhere in the world with Internet connection, and makes a challenging process much easier for those I leave behind.

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Trusted Individuals – Anybody chosen by a Plan Creator who then accepts the honor to support a friend, colleague, or family member to deliver a positive legacy.  If a Trusted Individual is on multiple plans, they will have a unique dashboard allowing them to log into various plans. Professionals such as lawyers, doctors, and financial advisers are likely to be involved in multiple plans, plus there is always that great friend that multiple people genuinely trust.  Everyone accepting the role of Trusted Individual is incredible, and Asset Planet is here to help when needed.

E-mail /Text Sample accepting role as Trusted Individual

Plan Creator – Each plan is based on a single Creator designed to meet their needs.  Plan Creators can adjust, modify, revoke privileges, and act as the plan’s Super Administrator. Plan Creators are the only ones to lock and unlock features for viewers and other users. Plan Creators are the only ones that can order products or services from within the program. Audio or video messages cannot be altered by anybody other than by the Plan Creator.