Think of all the days spent at a desk in office, meeting rooms, boardrooms, talking to clients, hours at work and vying for a promotion or a rise in career. The need for a successful career trajectory is backed by a desire to do better, provide for the family, save for the future and live a secure life. A colossal amount of energy and time is spent on this in a lifetime. We reap the benefits in the form of comfortable homes, good education, holidays, maintaining health, and security and safety for the future. But life can have other plans and everything can come to a screeching stop. In fact, death is imperative and unavoidable. There are only a handful of people who actively talk and prepare their families for practical aspects of life after their death, even though this is an absolute essential. Financials apart, end of life planning can help hugely in closure and dealing with death. Here are some of the top reasons, why this is important.
1. Plan to handover financial details
Imagine having to put so much effort in saving, planning for investments, policies and assets, and not being able to pass them onto you next of kin.
According to Economic Times, “An estimated Rs 37,300 crore is lying unclaimed with insurance companies, banks, corporate houses and the Post Office department. If you add the Rs 26,497 crore lying in inoperative provident fund accounts with the EPFO, the total wealth idling without interest adds up to nearly Rs. 64,000 crore. “ Much of these resources can be attributed to those people who do not claim their rightful savings and investments, due to lack of knowledge of them being there in the first place. For others, the navigation of administrative dealings may be too overwhelming.
2. Emotional Value
End of life planning is not constrained to financials only. There is an emotional value in articulating things that need to be done. For example, leaving your legacy with certain family members, bridging old gaps, telling those you love that you valued their care and so on. This is integral for closure on relationships and will help those left behind, to move on faster. There may be things that you want to do before your death and they have lingered in your mind for ages. Communicating those to family members would help in achieving emotional completeness.
3. Asset distribution
Distribution of assets amongst next of kin can be a huge point of disagreement and acrimony in families. If articulated by will, one can leave the loved ones in peace, so that there is no ambiguity on assets and goods to be shared. Even legally, the family will have to face less hassles versus producing many documents as proof of inheritance. Acquisition of assets post for next of kin is not an easy process anyway. To maneuver through the legalities, having a will is essential. It’s prudent to leave your family with correct and essential paperwork so they are not hassled with practical problems along with the trauma of having lost a loved one.
4. DNR and other medical instructions
Medical care is an integral part of end of life planning so the caregivers know what to do, if the person is not in a capacity to communicate. DNR (Do Not Resuscitate) and other medical instructions on choice of doctor, route of mediation etc. can be
communicated beforehand. It’s better to communicate this to your family beforehand, than leave them in the dilemma of figuring what they should or should not have done in a critical situation.
5. Organ Donation
Organ or body donation can be a contemptuous topic for those who are religiously inclined. Many families do not take action in time, or are unaware if a person has an organ donation card. At the time of death, organs need to be procured in a timely manner for them to be of use to others. The creation of an organ donor card and letting your family and friends know about it could be of immense use. This is one of the most essential and easy parts of end of life planning.
Removing stigma from death and post life activities and information distribution is essential to make your life on earth worthwhile. Practical hassles and administrative entanglements can be simplified with timely planning and sharing with family.
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