Are You Prepared For Sudden Death? Here’s A Checklist To Read…

No one is ever really prepared for death.

With news of the sudden passing of model, actress, mother of four and ex-girlfriend of Sean “Diddy” Combs – Kim Porter at age 47, recent death of Instagram fashion blogger Kyrzayda Rodriguez, people in our own communities and those in our own families – are we really prepared for the unexpected?

I recently saw a friend try to make sense of his father’s disorganized documents after his death. Many deceased family members have undisclosed business affairs and outstanding debts; leaving their families scrambling to pay for their funeral, uncover and make sense of all of their accounts and assets –  all while having to simultaneously grieve. It can be quite a distressing experience needing to be sad but also having to feel angry because you are left to bear an unexpected emotional and financial burden.

LISTEN: Ep. 11: “I Don’t Want To Be Poor!” (with Meg Morales)

A couple years ago, during a session I attended at Black Enterprise’s Woman of Power Summit, there was a discussion on estate planning that forever changed my mindset. Too often we think Living Wills, Last Wills and Estate Planning are solely for our elders but as many of our people are dying at younger ages, I am hoping this article will cause everyone to seriously think about their mortality and their legacy.

A little of something is better than a lot of nothing.

In today’s society a lot of people are depending on Gofundme’s as a quick bail out in times of death. Most West Indian people tend to think about life insurance and future security in their late 30s-40s but did you know that the optimal age for purchasing life insurance is technically right after birth? Listen, I am not an insurance agent nor an estate attorney but I do want to remind you of how fragile life is and that with so much information and access at our fingertips, we should feel more empowered to make preventative decisions rather than struggle in the long run.

I understand some of the questions below might sound a bit morbid, however, as uncomfortable as they may be, they are all quite necessary to ask yourself and your loved ones. Even I am reviewing this list and making certain adjustments, to ensure a seamless process for when my time comes.

Here’s a quick checklist for you to review and discuss with your family members:

• Do you have life insurance?
• Who has copies of your life insurance policies?
• Has your policy been recently updated?
• Do you have a Living Will?
• Who is your Power of Attorney?
• Where can copies of your identification, birth, citizenship, adoption, marriage, divorce be found?
• Do you have a Healthcare Proxy?
• Should a DNR be executed?
• Do you want to be buried or cremated?
• Have you planned your funeral – funeral home, burial lot, cremation site?
• Do you have a Last Will?
• Has your Will been updated?
• Where are the copies of your real estate deeds, ownership for vehicles (including cars, motorcycles, boat, etc), tax documents?
• Do you have collectibles – art, coins, antiques or trading cards?
• Upon your death, who gets your personal possessions and other assets?
• Do you have Stocks, Bonds and Mutual Funds? Where are the copies of these holdings?
• Do you have retirement plans – 401(k) plans, IRAs, pension plan and other funds? Where are the copies of these plans?
• Do you own a business? What happens to your business upon death?
• Do you have any interests held in a business? Is there is a continuance plan after death?
• Do you have a safe deposit? Is there a plan of action upon your death for the access of its contents?
• If you are legally married but separated, would you want your spouse to make decisions upon your death?
• Have your organized your bills and outstanding debts?
• Is there a master file for access and passwords into your digital life?
• Where are the contact numbers, email addresses and locations for your banks / banker, attorney/s, insurance agents/s, place of employment/s, business partners, spouse, ex-spouse, children, loved ones, etc?
• Do you have any last wishes?

I know this list can be quite heavy, but it’s a helpful reminder and even a valuable start towards creating organization in your life before your departure. It’s never too late to make a plan. Start by talking with an insurance agent, an estate attorney or a knowledgeable friend who can help guide you into making helpful decisions towards securing peace in your family’s future.

These are the discussions we need to have often with our families.

We may not know when our time will come but we can prepare to ensure an easy transition for our selves and our loved ones.

Need help planning your estate? The “Peace of Mind Planner: Important Information about My Belongings, Business Affairs, and Wishes,” makes it so easy to do!

Check out this article by Thorin Klosowski: One Day, You’re Going to Die. Here’s How to Prepare for It