When I was working I could not wait for the day that I would be able to retire. Now that I was able to stop working all is not as peaceful as I though it would be. I was not worried about myself and paying for my expenses. My house is paid off, my car is working fine, and I had a decent job with a nice pension plan. I am worried about my adult children. When I die I do not want to leave them with a large amount of debt. There are things that I am taking care of while I am still alive and in sound mind. Instead of leaving them an inheritance I am using the money in responsible ways in order to get all of my affairs in order.
I know the costs of funerals are very expensive. That is why I am prepaying for everything. I do not want a big affair but just the basic services can cost several thousand dollars. I want to be cremated when I die and I have already chosen a provider and paid for the cost of cremation. The urn is already bought and paid for too. I found a funeral home and already paid for a simple service. I went to the cemetery and bought a plot for my ashes. When I go I want to be put in it with my wife, whose services and cremation are paid for as well. I have some money set aside in a separate account if the children want to have some kind of service after the funeral.
Since all the final expenses have been paid for I am also making sure there is no outstanding debt that will be passed down to the children. I paid my car in full when I got it. I had to save for a couple of months but there is no car payment to have to worry about. I pay my credit card bills in full every month so there will be no debt with them. The taxes on the house are paid a year in advance. The car insurance is paid yearly instead of monthly. This will ensure that everything is current and up to date. There will be no outstanding debt to creditors. However, we still have plenty of money to travel and see Australia and the world as well.
While many people work hard to get leave behind an inheritance for their children I would rather leave them free of debt. They will not have to worry about coming up with money for my final expenses and outstanding bill. This way no one will have to fight and argue about who is going to pay what as well. While there is not going to be a lot of money left in my bank account everything will be taken care of so I will not have to worry about my family in my final moments.