Family & Relationships: Tips for Preparing for End Of Life Care

Preparing for the end of your life or the life of a loved one can be a challenging time. From dealing with unforeseen medical costs to having difficult conversations, there are many aspects of the process where emotions can run quite high. That being said, much of the work that you’ll be doing as you prepare for your end of life is incredibly important when it comes to setting up the rest of your family for success after you’ve passed away. As a result, you should follow the tips below as you work to determine what you want to do at the end of your life.

Talk With Your Family

If you’re vehemently opposed to being put in a nursing home or retirement home, that’s something that your family should know about sooner than later. This is because the costs of in-home hospice care can be double or even triple the costs of a good retirement facility, so it’s important to figure out how you’ll budget for these sorts of expenses.

It’s also worth breaking down the conversation more to figure out what the underlying fears are surrounding a nursing home. If the major fear is a loss of contact or being forgotten, regularly scheduled visits may be able to assuage those fears and help combat the financial issues, simultaneously. While it can be tough to have difficult conversations, you’ll ultimately be better for having them with your family.

Take A Look At Any Financial Needs

For most adults, the end of life is an expensive proposition. Either because of increased medical costs, hospital bills, or the cost of specialized care, it’s not uncommon for families to face a large spike in costs. As a result, finding a viatical settlement broker can be particularly beneficial to you and your family if you’re concerned about the financial impact of medical costs or hospice care. A viatical settlement is when you sell your insurance policy for a portion of its value rather than wait for it to be paid out after you pass away. This allows you to use the money for more immediate needs, rather than going into debt and accruing interest and waiting to pay things back with a life insurance settlement.

Determine The Appropriate Funeral Service

Another aspect of preparing for the end of your life is determining how you want to be honored once you’ve passed away. Choosing whether or not you want to be buried in a casket or are more interested in cremation services is an important thing to tell your family. It’s worth noting that a funeral involving a casket is generally more expensive and also requires the purchase of a burial plot and other services. Cremation services, on the other hand, are becoming much more popular, both for affordability reasons as well as the fact that they adhere to all religious backgrounds. It’s worth comparing the two, as well as any other alternatives, as you plan your funeral.

Double-Check Your Last Will And Testament

The last thing you want is for your final will to sow division in your family after you’re gone. To avoid this, make sure that you’re updating your testament every five or ten years so that it reflects your current relationships and their importance to you. It’s vital to make sure that your assets, such as your home, insurance policies, possessions, and money are appropriately distributed after your death, and creating a will is one way to ensure this. If you’re not sure where to start when it comes to creating or updating a will, there are plenty of online resources and will checklists that you can follow as a template for creating yours.