The ROI of Estate Legacy Planning: Immediate Tasks
"What is the value of planning ahead? It won't save me that much time."
I hear that often when talking about estate handoff tasks. I'm going to break down some of the common scenarios and show how planning can help. I'll use T-shirt sizing to show how much value pre-planning has in each task.
Starting with the immediate tasks that occur the first week after a death.
The Actual Death
Even when you know it's imminent, there is still an element of surprise and shock. Greif and sorrow follow, no matter how much you prepare.
Preparation value: X-Small.
Contacting Family and Friends
Family and friends can be a great source of comfort after a loss, but repeatedly telling people that your loved one passed away is tough. Plus, you're bound to forget someone important. Helpful planning for this stage is making a list of people to notify. Include their name, phone numbers, and email. Separate out the people that need to be contacted immediately from the ones that don't. Then, assign someone to contact each person. For example, a spouse may contact their adult children, then each child will take part of the list, easing the burden on the spouse.
Preparation value: Medium. You still need to make the calls, but you don't have to spend time thinking of who to contact.
Funeral Arrangements
One of the last things you want to be doing immediately after a loss is making large financial and permanent decisions. Funerals can cost upwards of $10,000-$20,000, and you can't exactly return a casket if you don't end up liking it. The best time to plan for funerals is way before you need it. Do you want to be buried, cremated, turned into stone? Where will your remains go? What type of services do you want, if any?
Preparation value - Large. Have a plan already in place so that when the time comes, you can follow the plan instead of making difficult decisions.
Obtain Death Certificate
A death certificate is needed for almost all of the post-death tasks. Getting copies in hand as early as possible will help prevent delays when tackling these other tasks. Funeral homes generally file the paperwork to report the death, and they can also help obtain the death certificates. If they don't, you'll have to request the death certificate yourself through your state agency.
Preparation value - X-Small. Know how you need to obtain the death certificate, but there is little you can do to accelerate the process.
The first week after a death can feel like you’re in a fog. Try not to make important decisions during this time. Instead, prepare for the things you can prepare for. If possible, hold off on making choices until you start to come up for air.
To start getting organized, use your free Estate Map below to record some of this critical information.