The phrase “get your affairs in order” probably makes you think of death, but that’s actually not when or why most people do it.
Death is a common motivator, and people often become motivated to organize everything when they lose a friend or family member, but most people think about ordering their affairs when crossing big milestones in their lives. Moments such as getting married or divorced, having children, taking a big vacation, or moving to a different state.
This article is written to help you get your affairs in order — that way if an emergency arises or if you pass away, you don’t leave a mess behind for your family and loved ones.
If getting organized seems like a daunting task, imagine what it will be like for your family if you don’t! It’s worth taking the time to spare your family the legal headaches, give them space for their grief, and simplify their lives — trust us.
To get your affairs in order means legally arranging your financial accounts, property, and your personal and medical information in such a way that family members and trusted people in your life can handle your estate and affairs with as little inconvenience as possible when you pass away or become incapacitated.
It can be an overwhelming task, but if you break it up into parts you can easily get it done in a few hours.
There are two great reasons to get your affairs in order. The first is for you and the other is for your family.
First, it feels good. Really, it does. Knowing you have everything organized, including instructions, checklists, and your important papers all together in one easy-to-find place will reduce your anxiety next time you go on vacation. There’s no “what if” syndrome — the organization brings a sense of order and satisfaction.
Second, getting your affairs in order is a responsible and kind thing to do. If you don’t organize everything, then your family will have to do it for you after you pass away. The more you do now, the less they have to do later.
Handling the affairs of a deceased parent or other family member can be daunting. Paying the expense of a house or condo is time-consuming. Identifying little things like accounts, passwords , and expenses can be a huge source of frustration.
If it takes you a few hours to organize your paperwork and information, it will take a few weeks for your family to get it done. The hours you spend will save them days of frustration, avoid making them take time off from work, and relieve some of the stress and worry that accompanies these hard situations.
We have helped thousands of people get their affairs in order and have worked in estate planning for over 25 years. Here are a few tips picked up over those years to think about before you begin.
There is a long list of tasks you need to do, so pace yourself.
Depending on the number of accounts and properties you have, it will take at least a few hours to get it all done. But you don’t need to do it all at once! We recommend you spend no more than an hour at a time over the course of a few weeks. The best time to get started is when you do your Will or Trust, but if you already have those documents, then there is no better time than the present.
Try to have one central place for the types of documents and information your family will need when you pass away.
Many people have one file or cabinet drawer dedicated to dealing with an emergency. Not only will this save your family time if they have to handle your affairs, but it will also keep you organized. If you don’t already have a designated area, your first step is to pick a single space where you are going to keep everything.
Start today, if you can.
The biggest challenge is getting started. Nobody likes to think of their own demise, but remember, you don’t need to organize everything perfectly all at once. Maybe today you identify your important papers and next weekend you make a list of your assets. Then another day you make a list of your online accounts.
Divide and conquer! Tax time is a good time to make progress because you have to put a lot of related information together anyway. If you have a financial advisor, you can always ask him or her for help. The accountability alone is worth it.
