DIYP: End of Life – Fortress Mega

DO IT YOURSELF PATHWAY:
END OF LIFE

It is probably not going to come as a shock that someday you might pass away. This is usually a major financial event in fact. However, when you pass away, is a major consideration. This is usually typified by:

Early Deaths

Deaths at normal life expectancy

Initial Planning Concerns to address:

Where are your important documents kept and does anyone know where these are?

Will, POA, Trust documents
Passwords and websites

Early Deaths are often a major tragedy and usually there are sudden deaths or deaths you generally know are coming soon:

If you know you might pass due to say a unfortunately bad cancer diagnosis you often need to prepare for disability prior to death:
- Have you activated disability waivers on life insurance if you have those? Don’t forget your work life insurance
- Have you activated your disability insurance if you have it?
- Do you have early retirement benefits for Disability?
- Have you applied for Social Security disability? (6 month waiting period until benefits kick in)
- Have you applied for Medicare (24 month wait until benefits kick in)
- Do you need to look at a life or viatical settlement of a life insurance policy to cover gaps?
- Who is going to take care of you prior to Medicare covering a Hospice stay?

Dying at Normal Life expectancy can be well, normal but still can be a tragedy for many situations. Typically though you are retired and already have passive income streams in place.

Where are your important documents kept and does anyone know where these are?
- Will, POA, Trust documents
- Passwords and websites
Do you understand the Probate and Estate Tax system in your state?
- Here is our primer on Washington State Estate Tax
- How are you going to handle Long Term Care