Though none of us likes to think about it, at one point in the future we are all going to die. For the majority of our lives, we can go without thinking about it, as it is expected that it is not something we will have to think about until we get older. However, if the last year has taught us anything, it is life can be unpredictable. Last year we, unfortunately, lost a lot of people that were in the prime of their lives, thanks to the deadly Covid 19.
For those of you that lost someone during the last year because of the virus, you may be experiencing a bit of a reality check. A lot of the people that unfortunately died had no plan in place, which makes complete sense, as they did not expect to pass away so early in life.
Though you can understand why so many people had no plan in place, it does not remove the fact that a lot of families were left in a difficult situation because of this. As many of the people that died left no wills behind, it became difficult to figure out what they wanted to do with their personal property. Covering the costs of the funeral also became a very difficult task, especially if the person that passed left no money behind to cover all of the big costs.
If the last year has made you worried, you may be putting some thought into what will happen when you are gone. If the last year has taught us anything, it is that you are never too young to get life insurance. However, not many companies reach out and educate younger people on life insurance, as they simply presume that they will not be interested in getting it for some time.
If you want to learn more about life insurance, you can find plenty of helpful articles on life insurance from Sim Gakhar that will help you learn a lot more about what you have to expect when setting up your life insurance.
Sorting out your life insurance becomes even more challenging when you are someone that owns a property. Something that a lot of people tend to worry about before they die is where their home is going to go, but you can control who gets your property after you have passed. Here is who you can control what happens to your property after you die.
Next of Kin
If you are currently in a time in your life when you do not have kids or a partner, but you would like to sort out your life insurance, you can simply state that you would like your property to be left to your next of kin when you die.
Your next of kin can be changed throughout your life, but when you are without a partner or child, it is usually assigned to your parent or sibling. When you set it so that your property will be given to your next of kin when you are gone, you will not need to come back and change your will several times. Changing your will can be pricey and annoying, so making it so that your property will go to your next of kin will be much easier.
Legally selecting a next of kin is very easy and even if you forget to change it, it is often presumed by law. So if you do not create a set next of kin but you are married, they will automatically become your next of kin when you are gone and will receive your property.
Donate to Charity
Something that has always been a very good option for your property when you are gone is giving it to charity. If you are someone that has no close relatives or you simply feel as though you would like your property to go to a good cause, donating your home to charity may be the best option.
You can select which charity you will donate your home to and they will do one of a few things once they receive it. They could potentially use the home as a base of operations for their charity, which may save them a lot of money as they will no longer need to pay rent costs which are hard to come by as a charity. However, if they do not need to location, they could also sell this property at auction and gain some money that they could reinvest into the business.
If you are someone that really wants their money to be used well, then we recommend that you donate your property to a charity that specializes in providing homes to people who are disadvantaged. These charities often have year-long waiting lists that are full of people desperate to find somewhere to live and the reason that these waiting lists are so long is because the charities simply do not have enough homes in comparison to the number of people that need them.
This way you will really be making a difference and you will know that your money is going somewhere that really needs it.
Straight to Auction
Just because you have managed to buy a property within your life does not mean that you managed to build up a large bank account. When you pass, there are a lot of financial issues that your family are going to have to deal with, like the cost of your funeral.
By sending your home straight to auction once you have passed, you will be able to make a good profit for your family. You can leave instructions in your will detailing what you would like your family to do with this money, or you could let them do what they want with the money. Either way, you will know that your family and loved ones will be financially cared for once you are gone.