Do you have a ‘when I die’ file?
You know the saying, the two things most certain in life are death and taxes. And with the onset of COVID-19, many of us have taken a reality check — life is fleeting, and no matter how careful we are or how much we care for our bodies, nothing is guaranteed. Why is it that when death is the most certain thing in life, do more than half of the population die without leaving a will? This is a statistic that applies whether you reside in Australia or America.
As we get older, many people start to think about what we will leave our assets to if we depart this mortal coil. But no matter your age, if you were to die today, would your loved ones know your wishes? Would they know if you want to be resuscitated or donate your organs? Would they know if you wanted to be buried or cremated? Is there something special you would like, for example, a memorial plaque on your favorite bench? Would they know how to access your financial documents like insurance policies? What about your login and password info for your digital assets?
I listen to many true crime podcasts, and many hosts talk about the need to have an ‘if I go missing’ file. It’s about helping your loved ones to get access to information that might help them find you. Like access to your ‘find my phone’ details or your bank accounts so they can find out the last time your account was used.
Similarly, but with more details, you should think about creating a ‘when I die’ file. Because let’s face it, death will happen to us all, at some point; isn’t it a good idea to help your family and friends know your wishes — not have to make assumptions and decisions while grieving your loss?
A Will is just one of the necessary parts of a ‘when I die file.’ What you need is a consolidated view of your data, documents, and intentions so that people can manage your estate after your passing.
What is a ‘when I die’ file?
So, what exactly is a ‘when I die’ file? It is the instructions, documents, and critical information that someone needs to ensure that your wishes are carried out should you pass away.
Beyond burdening your loved ones with needless work and expense, if your planning documents, such as Wills, prenuptial agreements, and insurance policies, can’t be located, it will be as if they never existed. The same goes for valuable assets like stocks, bank accounts, and other financial property no one knows about.
Documents that should be included in such a file are:
- An updated inventory of all your assets and their location (bank accounts, shares, mortgage details, land titles document)
- password and access info for all digital assets
- contact details of your professional advisers (financial planner, lawyer, accountant)
- A medical power of attorney
- A Will and living trust (with a certificate of trust)
- Birth certificate, Marriage or divorce documents
- Instructions for your funeral and final disposition
- if you have any specific requirements (like a memorial plaque on a bench in your favorite park)
- Letters, cards, photos, and other treasured sentimental items
- If you have children, a Kids Security Plan naming long and short-term guardians, along with detailed care instructions for both
- If you have pets, details on who and how you want them to be cared for
- Any specific instructions or wishes you may have about donating organs or if you are in a position where you cannot make decisions about your health (also called an Advance Health Directive).
In their book, A Beginner’s Guide to the End: Practical Advice for Living Life and Facing Death, authors Shoshana Berger and BJ Miller also recommend developing an ethical will to complement your legal Will. According to Berger and Miller, “Where a legal Will transfers assets, an ethical Will transfers immaterial things: your life lessons and values.” This includes things like why you made the choices you made in your legal Will and what values were important to you when you were alive.
While a ‘when I die’ file won’t make it easier for your loved ones to deal with your death, it will make it easier for them to manage your affairs after your passing. A ‘when I die’ file is also ideal for storing messages for loved ones to receive after your death.
And because death or incapacity can strike at any moment, you should not wait to get your affairs in order. If you google ‘when I die’ template, you can find several documents that can help you plan what you need to consider putting together.
It is important to remember that creating a ‘when I die’ file is not a one-time ‘set it and forget it’ measure. Compiling the information can take time — you don’t have to do it all at once. Once assembled, the details need to be updated over time as your circumstances change. While this can be seen as a chore, if you make maintaining your file a part of an annual routine (just like taxes), you can save your loved ones a great deal of work and frustration down the road.
