Leave a Legacy Your Loved Ones Will Appreciate

Recently, three acquaintances lost their respective husbands. I saw them struggling not only to cope with grief but also with the practicalities of life. Seeing their pain from not knowing how to access bank accounts and find important information motivated me to take action. By following the steps outlined below, you can help your loved ones avoid this pain. You don’t have to try to do everything at once. Just take one small step at a time!To start, the first step is to declutter. Don’t wait until later; get rid of things now. Family members or friends may need them, or collection organizations will gladly pick them up. Additionally, consolidate bank accounts, investment accounts, and others if possible. When thinking about the end of life, all kinds of thoughts start to cross your mind. To ease the burden, empower your closest family members by educating them on what and how to do these essential things. If you have gender-defined roles of provider and caregiver, help educate your partner. Learn about the role your partner plays and document the key things the other would need to know to carry on. Below are some ideas for basic “small step” tasks that will help you get organized. You should keep both digital and paper versions. Make a Physical Inventory – cars, jewelry, collectibles, anything you can touch. Take photos, make notes about who should receive them. Save these and make copies of the computer files for backup. Make a Non-Physical Inventory – will, healthcare power of attorney, bank accounts, 401(k)/IRA, life insurance, etc. Compile a list of credit cards and debts: mortgage, home equity loan, other amounts owed; be sure to list beneficiaries and transfer on death for these accounts. Support this list with paper copies. Create a folder and update it periodically. Document your online accounts – include website address, username, and password. Consider a password manager app or a secure place to store this information. Make sure someone knows where to find them!Make your wishes known – Write a letter and tell important people if you want to be cremated or buried, or other funeral wishes. Create any special message you want to communicate to them. Include a list of your important contacts. Add this to your folder. Start a conversation with your loved ones – There is much discomfort in talking about end of life and terminal illness. In some cultures, it is considered a bad omen and thus taboo. Often, it is easier to talk about this topic in a large group. Once the subject comes up, others often join in. Another approach is to express your wishes to your loved one and then encourage them to open up. You can also share this article and start a conversation. Start this task list today. Give yourself a pat on the back for each item crossed off. Completing and keeping this information updated will leave a legacy that your closest family members will appreciate and cherish.By Renu Jethmalani. She owns and operates Renz Consulting LLC, which provides HR and administrative consulting services to small businesses and individuals. To contact her, call (732) 910-4646 or email renu@renzconsultingllc.com