What Happens When You Die
Even death is not to be feared by one who has lived wisely. - Buddha
When you reach the end of your life, those you leave behind are left to handle any of your unfinished business. Things are pretty difficult emotionally when somebody dies. But, you can make it easier for those left behind if you "live wisely" by leaving clear instructions for handling your death and any unfinished business through some basic estate planning.
Leaving the emotional aspect aside, much of what happens initially after a person's death is very administrative in nature. For example, funeral, religious service, and burial arrangements must be made. Family, friends, and acquaintances must be contacted. Condolences are given and received.
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Many funeral-related details can be decided well in advance, as part of your estate planning process. You can "live wisely" and help your loved ones, without being too morbid, by informing them of your wishes regarding funeral and burial arrangements. You can, if you wish, make your own funeral and burial arrangements in advance. There are some specialized estate planning firms that (for a fee) handle this more relational, event-planning side of the planning process, although nearly all funeral homes also offer pre-planning services.
If you live in an area with more than one funeral home, make sure to compare options and pricing. There is no reason to forget all the sensible business practices that have made you successful when it comes to funeral planning! The Federal Trade Commission has a Funeral Guide that provides a wealth of information. Also, remember you can pre-plan, without pre-paying. Beware, though, and use wisdom if you choose to enter any prepaid funeral or burial arrangements.
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As for your estate, someone will formally or informally end up handling your estate. Hopefully, the bulk of your assets will transfer automatically by probate avoidance techniques. If not, the estate must go through probate, where any assets will transfer according to the provisions of your will or, if no will was made, according to state intestate succession laws. Along the way, the person handling the estate will have to pay any related probate costs and pay off the estate's bills, creditors, and estate taxes (if any).
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