Prep Guide to Planning for Death and Incapacitation, Communities of all Colors, Faith-based Systems :…
Starter’s Guide to Get Your Life’s Affairs in Order Part 1 : No one ever plans to get sick, become disabled. (Note to ourselves: we should plan on the dying part, though.)
However, these things do happen – occasionally – and may strike anyone at any time. People with the privilege of wealth don’t have a problem when such an unfortunate incident happens. They have enough financial resources (savings or insurance), to deal with the different physical or mental situation (or in the case of death, they pass on their assets to their children through proper planning and consultancy).
Here to help you plan: The Starter’s Guide to Get Your Life’s Affairs in Order before You Become Incapacitated or Pass Away for Communities of Color, Faith-based Systems, BIPOC, Underserved Communities1, Low-income, and/or Middle-class Folks Part 1
Communities at a Disadvantage
But when it comes to communities mainly consisting of ethnicities, faith-based systems, BIPOC, the underserved1, low-income or middle-class, they don’t plan on getting their financial affairs done. Usually due to a lack of financial and estate planning which they feel is unnecessary and which does increase financial vulnerability after incapacitation or death.
When the main income earner dies in these communities, families lose wealth and property built by previous generations — especially when the predecessors didn’t consider it necessary.
The families do need guidelines and resources to plan. They have to learn how the generational wealth can be passed along and not lost instead.
To start with, reading and discussing pending financial issues and challenges will improve sound decisions. The members of the affected family must prepare legal documents for the main income earner or their partner to transfer financial assets, plan their funeral expenses (and maybe part of the ceremony itself), and put thoughts, wishes, and future arrangements into writing.
This blog aims to be a short starting guide for underprivileged and low-income persons wishing to plan for important aspects of death.
In our next article, we will discuss how to:
- Organize Financial and Legal Records
- Arrange Proper Medical Insurance and Execute a Living Will
- Transfer Any Assets and/or Ensure Transfer through Last Will and Testament
Are you interested in more information? Check this page for different workshops to get started.
And check out our monthly Death Cafés, on the first Sunday of every month, 3:00 PM Pacific. Sign up via Eventbrite here.