Getting Your Affairs in Order – A Life Planning Checklist

The Coronavirus pandemic sent shockwaves across the globe, prompting an inevitable need for change in everyone's lives. Daily reports during the height of the pandemic brought the stark reality of mortality into our homes through various devices. It underscored the necessity of planning for the future, whatever that future might hold. To facilitate this planning, we've crafted a checklist to guide you through the process. Tackling these tasks gradually, rather than all at once, can help create a comprehensive life plan that will fortify you and your loved ones against any unforeseen event.

"Plan for the worst; hope for the best" is an age-old saying, that resonates even more in the current circumstances. Planning, though not inherently difficult, requires a commitment to decision-making and the gradual completion of essential steps. Below is a checklist encompassing some of the most critical items to address:

A Life Planning Checklist – 9 Key Steps

Step 1. Gather Documents

Initiate the process by assembling vital documents in a secure location. Identify documents that are irreplaceable or challenging to reproduce promptly. Items such as property deeds, car and house titles, birth and marriage certificates, medical records, and information from professionals like doctors and attorneys should be safeguarded for accessibility by your family when needed.

Step 2. Make a Will

Crafting a will stands as one of the most pivotal steps in your life plan.

Step 3. Give Someone a Power of Attorney

Empower a trusted individual to make crucial decisions on your behalf through a power of attorney. Decide the scope of their authority—whether "General" or "Limited"—keeping in mind that it's only effective while you are alive.

Step 4. Living Trust

Consider establishing a living trust to ensure your wishes regarding property and assets are executed as intended. Consult an estate attorney for insights into the benefits of "revocable" and "irrevocable" trusts.

Step 5. Revisit Your Beneficiary List

Review beneficiaries listed on life insurance, retirement accounts, pensions, and other assets. Ensure the list is current to align with your wishes, as a will alone may not dictate the distribution of all your assets.

Step 6. Make a List of Your Digital Assets & Secure Them

Compile a list of digital assets, including online accounts, investments, and social media. Store this list securely and share its location with a trusted individual to ensure its accessibility when needed.

Step 7. Make Final Arrangements

Address details such as organ donation, funeral plans, and pay-on-death bank accounts. Ease the burden on your loved ones by taking care of these arrangements in advance.

Step 8. Have a Little Chat With Your Loved Ones

Initiate a conversation with your loved ones, providing clarity on where essential documents are stored and any preparations you've made. While you needn't disclose every detail, ensuring they understand the overall plan is crucial.

Step 9. Storing Everything Safely

Avoid suboptimal storage options and consider using the IronClad Family Vault—a secure solution designed to keep your information safe and ensure it reaches the right people at the right time, according to your instructions.

To learn more about our vaults, contact us at 786-761-7177 or email info@IronCladFamily.com. Secure your legacy with IronClad Family's comprehensive legacy planning checklist!