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End-of-life  plan

The inevitable would strike a day. You are certain. So, one has to plan for this. Yes, this is about planning your end-of-life  ! 

That’s to  take care of  your spouse, to be stress free on your finances and wealth. That also includes  the medical care if you are incapacitated, how to apportion your assets, and making your spouse financially comfortable after your life-time.

A well-thought plan is essential for  ensuring a worry-free life for your spouse after your life-time.  This includes :

Health care planning for both

Financial planning for transfer and division of your wealth among spouse and children.

A Will would do for this purpose. A document should clearly say who will take decisions on your behalf, in case you are incapacitated. 

Take the following steps :

-          Ensure that all your Bank accounts, investments, deposits,  have your spouse as the nominee.

-          Operate a joint account, with sufficient money reserves (with atleast 12 months expenses as emergency fund.

-          Maintain a valid Debit card on this account, to facilitate easy withdrawal of money.

-          Have joint ownership of your immovable properties (land, buildings, )

-          Have a valid term insurance policy.

-          Invest  sufficiently in a monthly-income scheme to ensure monthly income for your spouse.

-          Involve your spouse in the end-of-life planning and documentation.