Update: I can’t encourage you enough to check out Nolo.com and the Willmaker option. For only $139 you can do a will, power of attorney, transfer on death deed (to transfer a house without going through probate), etc. In an afternoon you can get so much done for you and your family.

I know you love your families and would take a bullet for them if it came to that. But I’m not asking you to die for them; I’m asking you to do a couple hours of paperwork.

I gave a talk on this topic at our church’s men’s breakfast. We had a member die of covid, and he left his wife nearly destitute – no will, no insurance, nothing. And even as buttoned-down as our affairs are, I double-checked our secondary beneficiaries and discovered that my wife’s IRA still had her mom listed as the recipient. The thinking at the time was that our kids were young and that her mom would manage their finances until they reached adulthood. But there were a couple problems with that. The kids are now 30+. Also, her mom had Alzheimer’s. And she died a couple years ago. I’ve also heard of people forgetting to change beneficiaries such that their ex-spouses got the money instead of their current family members. Yikes!

So here’s an excerpt from my upcoming book, Manage Your Mission — Living wisely and abundantly for today and eternity by managing your 7 Fs — Faith, Family, Fitness, Field (vocation), Friends, Fun, and Finances. If you don’t have the basics in place, please set a goal to do it soon.

My cancer is back for the fifth time (long story . . . might write more on that later), so I assure you that I’ve taken my own advice on this topic.

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Always have your affairs in order (Are you leaving your assets to loved ones or lawyers?)

As an icebreaker, I was once asked what I’d request for my last meal if I were on death row.  My answer was filet mignon and a baked potato for the main course, and I’d want one of Willy Wonka’s Everlasting Gobstoppers for dessert.  Hypotheticals aside, here’s a spoiler alert: Unless Jesus returns soon, we will die someday.  We could all die anytime from an accident or sudden illness.  So, it is wise and loving to have your financial affairs in proper order at all times, such as having a will and clear documentation about your bank accounts, other assets, life insurance, etc.

My dad died at 89, but his finances were well organized.  He knew his health was failing, making him even more intentional in simplifying things for my mom and me.  He used a password management software, saving me countless hours accessing various bank, insurance, vendor, and other accounts. 

Do you want to leave your assets to your loved ones or to some lawyers and the government?  And do you want to make the transition easier for your family?  If you picked your loved ones, you should make a will immediately.  I’ve heard of famous and non-famous people who died without wills. Were they superstitious?  Did they think that if they didn’t have a will, then they wouldn’t die?  If you die without a will, it may cost your loved ones dearly in time, money, and conflict.  So get a simple will in place regardless of your age.  You can do them online. Check out Nolo Willmaker & Trust or a similar product if you like.  Having your affairs in order is even more critical if you have children.  Your spouse may be with you if you are young and die from an accident.  Therefore, you can’t just assume your spouse will be there for the children if you die. 

I always had things fairly well organized, but my first cancer diagnosis in 2017 was a catalyst for me to document things even more.  I had some written documentation, and my wife was familiar with Quicken and our Dashlane password management software. Still, with retirement accounts, insurance, and more, I wanted to make things clearer.  I made more robust written instructions. I used a software called Snagit to do screen capture videos, where I could open various files or log in to financial accounts while narrating where to find things.  I also described how to navigate our main financial tracking spreadsheet.  By the grace of God, she hasn’t needed to use those yet, but it would have made life much easier if I had died.  I polished up the documentation and videos when my cancer returned.  I encourage you to do something along these lines, even if it is just a handwritten list of essential things. 

We also ensured that she had full access to credit cards and updated car titles to ensure they were in her name.

Here are some simple things to get in place right away:

1.            Make a single document listing where to find everything.  Keep it in a safe deposit box or a fireproof home safe

1.1.        Important documents — wills, insurance

1.2.        Passwords

1.3.        Safe-deposit box information or key to a home safe

1.4.        Coach your loved one(s) on the basics — bill paying, taxes

1.5.        Ensure that your house and vehicles are in your spouse’s name as well

1.6.        Updated beneficiaries for 401k, IRA, etc. — especially if you are divorced (I doubt that you’d want your money to go to your ex-spouse)

2.            Will / Power of Attorney / Medical POA / HIPAA form

3.            Life insurance

3.1.        How much do you need?  It depends on your age, if children are involved, and other factors.  Term life insurance can be surprisingly inexpensive, especially when young and healthy. 

4.            Bank accounts, properties, credit cards & car titles — ensure that they are in both your names — and not just as approved users — use the “Joint Right of Survivorship” designation where applicable

5.            You get bonus points for any of these:

5.1.        Password software

5.2.        Funeral arrangements — it will reduce stress later and probably save some $$

5.3.        Funeral service preferences — songs, messages, etc.

5.4.        Screen capture videos showing and narrating how to do basic financial things (bills, password software, spreadsheets, retirement accounts, Quicken or other tracking software, etc.)

5.5.        Having a lawyer set up a trust for more complex situations

Don’t be superstitious and think that discussing your death will hasten it. Instead, set a time for candid conversations about end-of-life plans, and then do some work to get your affairs in order.  Loving them to the end means simplifying their lives and providing for them when you are gone.  Then go back to living an abundant life!