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  • Writer's pictureMoney Mentor

Protecting Your Money Once You've Gone

Okay, so it’s not the most cheerful of topics to have to talk about, but ensuring your money is protracted once you have gone is really important, not just for your own peace of mind, but for the loved ones you leave behind. That being the case, below we are going to take a look at some of the best ways you can protect your fortune even after you have passed on.

Protecting Your Money Once You've Gone

1. Crafting the Ultimate Will

First and foremost, you are going to want to make a will so ironclad, not even Houdini could escape it. This document is essentially your last say in who gets what. Want to leave your vintage comic book collection to your best friend? Done. Ensure your cat lives the life of luxury she clearly deserves? You got it. Without a will, your assets could be distributed in ways that would have you rolling in your grave. And let’s be honest, nobody wants to haunt their own relatives over a botched inheritance.

2. The Trusty Trust

Setting up a trust is like creating a financial VIP club from beyond the grave. It’s a way to control how your assets are doled out, with stipulations as specific as you like. Want to make sure your nephew uses his inheritance for college instead of blowing it all on an around-the-world party cruise? A trust can make that happen. Plus, it can help avoid the public and lengthy process of probate. Private afterlife parties are the best kind, after all.

3. The Digital Afterlife

In today’s age, we can't forget about our digital assets. Yes, your social media profiles, digital currencies, and that secret blog only three people know about need protection too. Designate a digital executor to handle these assets – someone who knows their way around the internet and can respect your wishes, whether it's closing accounts or archiving your witty tweets for future generations to marvel at.

4. Beneficiaries: The VIP List

Review and update your beneficiaries on retirement accounts and insurance policies regularly. These designations override your will, so unless you want your ex still benefiting from your untimely demise, keep this list updated. It’s the VIP list to your financial afterparty, and you want to make sure the right people are on it.

5. Letter of Instruction: The Map to Your Treasure

Think of a letter of instruction as the treasure map to your financial and personal life. This isn’t a legally binding document, but it's incredibly helpful for your executors. It can detail everything from account passwords to how you want your personal belongings distributed, or even instructions for your memorial service. Want a Viking funeral but worried your family might not be on board? Here’s your chance to plead your case.

6. Funeral Plans: Going Out in Style

Speaking of Viking funerals, why not pre-plan your own send-off? Setting aside funds and specific instructions for your funeral can ensure you go out in style (and within budget). Whether you want a traditional service or something that would make Liberace blush, planning ahead can relieve your loved ones of the financial and planning burdens during a tough time.

Your money matters, even when you are no longer around, so be sure to protect it well!

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