At some point, we all have to face our own mortality. Though it may seem daunting, what follows is critical, and the decisions you make while living can significantly impact your loved ones. When your time comes, you don’t want your children burdened with tying up your loose ends—grief is hard enough. Your children are your legacy, so why wouldn’t you want to leave them with an easier departure? Here are 15 things you should and shouldn’t leave your children when you pass away.
A Will Or Trust
Completing a will and setting up a trust might feel overwhelming, but your children will be appreciative. Your will establishes what will happen to your assets—property, money, investments, etc. By signing a will, your surviving loved ones will avoid complicated legal proceedings, providing them with a sense of security and relief. Leaving your children with a trust can set them up financially and cover the cost of funeral arrangements, giving them peace of mind during a difficult time.
Meaningful Memorabilia
Leaving behind sentimental items for your children can preserve their memory of you and provide them with comfort during their grieving process. Collectibles, heirlooms, and other memorabilia help maintain your connection. Sometimes, they are passed down from generation to generation and tell personal stories about the deceased, or share family history. Leaving behind items that mean a lot to you is one way for your loved ones to keep your memory alive and feel connected to their past.
Life Insurance Policy
Setting up a life insurance policy while you are living can have enormous benefits for your children in the event of your death. By signing one, you will ensure that they will be financially secure, providing them with a stable financial foundation. Parents want to see their children succeed in life. When they don’t have to worry about money, they can focus on what matters most—family, and feeling financially stable and secure.
Video Message or Letter
Although it may seem unnecessary, writing a letter or leaving a video message for your children can help with the grieving process. It is your chance to tell them how much they mean to you and to share anything you may not have been comfortable saying in person. Your children will be grateful for the wonderful life you have provided them, and even though you won’t be present, your connection will remain strong.
Family Photographs
Photographs preserve memories. Leaving your children with pictures you have taken throughout your life will be one way they can keep you in their lives. They will enjoy sifting through old photos and looking back on your relationship fondly. It is also a way to preserve family history—important moments that have shaped life trajectories. If you don’t have a physical photo album, collect and save your digital photos in a computer file.
Unmanageable Debt
Some people believe that when they die, so does their debt. However, your balance does not vanish—someone will have to pay up, and typically, when you pass on, your children incur the debt. While living, ensure you have plans to pay off outstanding balances on your accounts. You don’t want to leave your children with massive debt.
The Family Home
The family home is a significant asset you can leave to your adult children when you pass. Ensure you have conversations with your children about what you’d like to happen with the house, and leave it to the responsible one. Depending on the situation, they may choose to keep or sell it. The family home holds many memories—treat it with care.
Unequally Distributed Assets
If you have multiple children, writing a will may be a challenge because you’ll have to divide your assets in a way that makes sense. Be sure to leave important items to the responsible child, but also strive to distribute your assets evenly. Nothing breaks up a family faster than arguing over who gets to manage the family home or take over investments.
Excessive Clutter
It can be hard to predict when you will pass on, so a good rule to live by is to remain organized. If your house belongs on an episode of Hoarders, you may want to address that. Don’t leave a messy house for your loved ones to deal with. Your excessive clutter will likely be tossed, sold, or donated. Try to keep a tidy home—that’s your motivation.
Emotional Baggage
No one can predict when they are going to go. However, the last thing you want to do is leave your children with unresolved tension. Whenever you say goodbye, remind them that you love them. Hug them and kiss them every time you see them. Work through your issues because one day, they won’t be there.
Unresolved Legal Issues
One thing you should clear up before you pass on is any unresolved legal issues. Though it can be impossible to know when it is your time, be sure to resolve any legal matters beforehand. If you don’t, your adult children will need to expend time and energy to resolve them, which can prolong the grieving process and add unnecessary stress. Be sure to state in your will how you’d like these issues addressed—it will make the grieving process less stressful for your survivors.
Family History
If you haven’t already, start documenting your life events. When your adult children pursue a path of self-discovery, they’ll often look to family history. Providing them with an accurate account will help them discover new things about you and themselves. Start writing an autobiography—it doesn’t need to be grandiose. Writing down important life events like births and career moves can aid in understanding.
Unmanageable Assets
The last thing your adult children want to deal with following your departure is unmanageable assets. This includes homes and investments that require additional upkeep. If you leave behind a dilapidated house, your adult children might resent you—not only will they be saddened by the loss, but they’ll also have to expend time, energy, and finances to maintain the assets. This can strain their resources and relationships. You don’t want to burden your kin, so ensure your assets are manageable.
Stock Investments
Investments are a valuable asset you can leave your adult children with. If, during your life, you put money into emerging successful businesses and companies, the payout could be huge. As parents, we want our children to be better off than we were. So be sure to allocate your investments to your adult children if you unexpectedly pass away. The money could help cover debt or provide financial security. Outline in your will how you want your investments handled.
Family Business
The family business is a valuable asset. Unless it has incurred a massive amount of debt, the family business could provide financial stability for your children. Ensure you have conversations about what you’d like to happen to your company, and outline your wishes in your will. You’d want the family business to remain within the family. The hard work you put into making it successful is your legacy—preserve it by keeping it in the family.
