While you may have a bucket list of things you want to do before you die, there are some arrangements that you should make for your own death. As morbid and as in the distant future are death may seem,  you should set up your estates so that things will be in place once they are gone.

Finances

The first thing that should be handled is the state of your finances. After someone has died, taxes must still be paid on their assets and payments must still be made toward their bills and expenses. Make sure that you understand your financial status, and that it is secure, so that there will be no surprises for your family after you are gone. You don’t want to leave your remaining family surprises such as exorbitant debts and tax evasion , which must be paid by your remaining family. Hire an accountant to structure your finances and create a budget for you so that, if you have not started already, you can become more financially responsible.

Medical Issues

Create a plan with your medical provider that outlines your wishes in a terminal or life-threatening medical situation. These conditions will apply to circumstances where you are not able to make a medical decision on your own and dictates what you would like to occur under such conditions.

For example, a DNR (Do Not Resuscitate) order can be put in place so that if you are in a situation where you have been injured and must be resuscitated in order to survive, the medical team cannot legally revive you. This option is popular among persons who do not wish to be resuscitated if they will experience negative side effects from being in critical condition.

Stating clearly now what you would like done in these instances gives you power over a point in your life where you express what you want to do. Any and all medical requests should be documented in case of an accident or illness that takes away your ability to choose for yourself.

Assets

Regularly update the contact information on any accounts that you hold, including retirement, insurance and investments. Plus, it is also a good idea to hire someone to categorise and total your assets for you so that you are aware of the total worth of your estate. If you do not wish to hire someone else to establish your estate worth, it can be done on your own using a number of online templates or Asset Software.

Once you have determined the total value of your assets, you can begin creating a will to state formally how you would like your estate divided. Even if you do not choose to create a will, you can put someone in charge of handling your assets once you are gone. This person should understand what your wishes are and how best to keep these wishes once you have passed away.

Family

In the case that you have children in your family or are the guardian of minors, you need to make sure that there is a system set in place to take care of them once you are not longer around. If you are a single parent or the spouse of someone not capable of caring for children, you can appoint a friend or family member to take over guardianship of the wards present in your house at the time of your death.

This area is sometimes overlooked in planning for the future, which can leave the children in limbo or juggled between family members until the right fit is found. Speak to your family to determine who would be willing to look after your children if you are no longer here and make an official request in your will or during your establishment of your estate that they be put in charge of the children’s care.

To learn more, read more on death issues.

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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva

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