Let’s talk about death baby


Apr 3, 2014
Let’s talk about death baby

There’s something we all have in common; yes every single one of us. Something that impacts the lives of those we care about, sometimes with devastating effect, which is why we must start talking.  

 

Guessed it yet? Yep that’s right; we’re all going to die.

Don’t stop reading just because I got all serious and mentioned the ‘D’ word. The conversation I’m talking about is a positive one; one that may appear difficult at first but will make everyone’s life so much easier in the long term.

In the immortal words of salt ‘n’ pepa (if you don’t remember, google it) – ‘Let’s talk about death baby’.

Ok so, the words maybe a little different but you can’t blame a guy for trying to grab your attention; let’s face it ‘Let’s talk about sex baby’ does sound so much more interesting.

So what am I talking about? Well in a nutshell I’m talking about the 8 steps that will prepare you and your family for whatever life and death throws your way.

1.    Consider your health
We all like to hope we are going to lead long and healthy lives however sadly for some, this is not always the case. It’s therefore worthwhile thinking about how you would want to be cared for if you became sick; what medical support you would choose, whether you would want any life prolonging treatment and essentially, where you prefer to die.

2.    Organise a Lasting Power of Attorney
A Lasting Power of Attorney is a relative, friend or solicitor you nominate to make decisions on your behalf about your finances, property and other assets if you become too ill to do it yourself.   

3.    Making a Will
One of the kindest things you can do. We all tend to lead fairly complicated lives these days so don’t leave things to chance. A Will is the only way you can be certain the people you care about are protected and your wishes are met.

4.    Mitigate the impact of inheritance tax
Depending on the size of your estate, it may be worth getting financial advice to reduce the impact of inheritance tax. Take a look at the rules on inheritance tax to establish whether this is something you need to consider.

5.    Share your final wishes
Telling your family about the type of funeral service you want may help them immensely when the time comes; removing the difficult decision making process from them and making the occasion a more personal one.

6.    Think about funeral costs
Funerals aren’t cheap so it is worth considering how you’re family will cope financially. A prepaid funeral plan will give you the opportunity to arrange everything in advance and pay for your funeral service at today’s prices therefore avoiding the impact of future inflation. Alternatively a whole of life insurance plan will ensure your family are left with a cash lump sum to use in a way that best suits them.

7.    Become an organ donor
Would you like to help others live healthy lives by becoming an organ or tissue donor? If so, register by visiting the NHS organ donation website and most importantly, make sure you tell your family.

8.    Be open about your affairs
Trying to make sense of someone’s finances once they have died can be difficult to say the least, so help your family by keeping a secure record of everything. Age UKs ‘Lifebook’ will help you prepare.

As you can see, talking about dying needn’t be morbid, it just makes sense so what are you waiting for - Let’s talk about death baby. You know you’ll be singing it for the rest of the day! 


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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