Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 583

The gentle art of death cleaning

Most of us are really squeamish about the word ‘death’ – we run a mile from it. Similarly with the term ‘funeral’ – it’s difficult to bring ourselves to read articles about planning for our own demise. We’re more interested in living, than dying, right?

But there is a compelling reason why we do need to think ahead and plan.

And that’s because most of us would walk over burning coals for our loved ones – so leaving them with a mess is not how we want them to remember us.

That may be a reason for the increasing popularity of TV shows such as The Gentle Art of Swedish Death Cleaning. While this program concentrates more on the emotional and clutter clearing aspect of leaving things in good order, it does prime your mind about your legacy, be it material, financial or spiritual.

First things first

The main message is ‘Don’t leave a mess’, whatever shape this might take. There are three main types of mess and they fit into the parameters mentioned above:

  • Material – meaning your home, your possessions, your ‘stuff’
  • Financial – your savings, your super, your property and any other investments, debts or obligations.
  • Spiritual – your emotional legacy, the status of your relationships, your family ties and responsibilities, perhaps your faith.

Let’s tackle them in order of importance, starting with the spiritual.

How you will be remembered

Money matters a lot, but how we behave and how we are remembered is the true definition of our time on earth. If we are lucky, we have loving friends and family and good ties to our community, be it local, global or both. But most of us will also have some unresolved matters and some fractured relationships. That’s life. But we don’t have to think that things can never be fixed, or at least acknowledged. Far too often we attend a funeral and learn things about someone who we thought we knew well. Sometimes we carry regrets about things we didn’t say or do. Sometimes families experience deep rifts which cause hurt and sadness for decades. It’s a truism, but the only person who can address your issues is you. It’s very sad if we miss opportunities to be honest and to set things right.

There’s no need for a legal or financial mess

Apart from creating a future legal or administrative nuisance, leaving unsorted financials is extremely unfair to your nearest and dearest. Many people still do not have a will. There is actually no excuse for this as there are inexpensive options for those with simple affairs and those with more complex situations will need some form of legal input regardless. It all comes back to a clear definition of your assets and your intentions. This applies to:

  • your home and any other property
  • your superannuation
  • your savings and investments
  • any business relationships
  • your Power of Attorney and
  • your advance health directives

There is a lot to understand and to think about here. In Noel Whittaker’s excellent book, Wills, death and taxes made simple, he explains all these factors clearly. There are few shortcuts here – you really do need to think about who your beneficiaries will be and how your assets will be divided. In particular, having a Binding Death benefit Nomination for your super means there will be no confusion about how this will be handled by a trustee. And understanding Centrelink rules when someone dies means that you can ensure you have done all you can to smooth the way for a spouse. For couples, having a separate bank account is a helpful way to ensure you retain access to funds for daily living expenses without interruption.

Your home and possessions

This is the tricky part. One man’s (or woman’s) treasure is often another’s trash. We can become highly emotional when it comes to our possessions. Ask any downsizer. The common experience is that they cannot believe how much unwanted stuff they were able to gift, sell or discard when they had to make hard decisions when moving to a new residence. If you are a hoarder, the question to ask yourself is whether you really want your loved ones to reel back in horror when they need to handle the sale of your home or the sorting of possessions in a rental situation. Some people are psychologically unable to throw anything out – true hoarding is a recognised mental illness. Such people may need some medical support. But this is relatively rare – about 2.6% of the population. The rest of us can just be lazy or complacent and simply watch the slow build-up of unneeded possessions for years, as there is no compelling reason to shift this stuff. If you are in this group, then taking action while you are still fit and able makes a lot of sense. How many Tupperware containers without lids can any house need? So why not inspire yourself by watching The Gentle Art of Swedish Death Cleaning on SBS on Demand, reading the book The Life-Changing Magic of Tidying Up by Marie Kondo or by asking a friend to help. Your local op-shop will love you, but your family will love you more. And somewhat perversely, you’ll feel kilos lighter even though it’s not body weight that you’ve shed.

And one more thing …

It’s time to talk about your online presence, or ‘digital assets’ as they are sometimes called. There is nothing worse than having a haunting presence on Facebook or Instagram long after you’ve gone. It’s actually quite stressful for those who love you if you pop up unexpectedly in their socials. You can handle this in a couple of different ways. You can appoint a ‘digital executor’, entrust them with your login and password details, and ask them to close or delete all relevant accounts. Or you can share a list of all these details with family and friends and again, leave instructions so that someone manages matters according to your wishes. Some families will choose to keep you ‘alive’ online – it’s entirely personal.

There, now, we’ve done it! We’ve had a straightforward discussion about your death and some of the things you can choose to do now to ensure those you care about will have the easiest possible journey at the time of your passing.

Are you actively putting things in place for your nearest and dearest?

Or is it something you are ‘getting around to’ at some stage?

Helpful resources

Noel Whittaker has created an Executor’s and Attorney’s Cheat Sheet which is a comprehensive downloadable PDF allowing you to share all necessary information with those who matter to you. It’s free and a brilliant way of summarising your assets, wishes and other important details.

Centrelink also provides support and services when someone dies.

 

Kaye Fallick is Founder of STAYINGconnected website and SuperConnected enews. She has been a commentator on retirement income and ageing demographics since 1999. This article is general information and does not consider the circumstances of any person.

This article was originally published by Retirement Essentials and is reproduced with permission.

 

7 Comments
Maggie
October 28, 2024

Thanks Kaye
Also important to leave explanations for the computer illiterate family executor/s about where to locate eg share purchase/sale records for digital only records. And passwords for tge computer, phone too.

Pete K
October 27, 2024

Something you've overlooked Kaye (love your insightful articles BTW) that Steve touches on above, is emotional baggage. i e. attachment to stuff passed down to one's children. By that I mean something like: " All this stuff meant a great deal to me, so it has to to you to. You have to treasure it as much as I did" This creates a huge emotional drain on surviving children. If you loved it fine. Just don't demand that your surviving lived ones do too.

Deb Solomon
October 27, 2024

I’ll be eternally grateful that my husband found a home for his once valuable collection of phone cards.
Moving house after thirty years was certainly a ‘mini death cleaning’ and we both parted with items that one day would become burdensome to one or the other of us or the next generation.
There may be a few regrets that come with downsizing your belongings to fit in a downsized residence, but overall it is very positive.

John
October 25, 2024

In regard to hoarding
I have a solution. - don’t buy all the junk in the first place. - most of it is from China anyway and messes with the environment etc

Patrick Kissane
October 25, 2024

If a person leaves a stamp collection, it is the normal practice for the Public Trustee to give the collection temporarily to a stamp dealer for valuation.

Steve
October 24, 2024

My father was an avid stamp and coin collector for over forty years. Then, one day he announced that he had taken the liberty of selling his collection to authorised dealers. He realised that his passion was not shared by his children so he did the very noble thing of absolving the children from having to make hard decisions about what to do with the collection after his passing. As he knew the key players (authorised dealers) in the industry, it was a no-brainer for him. Thank you Dad.

Kaye
October 24, 2024

Thanks for sharing Steve - that was a kindness - I'm sure it would have been really difficult to make those decisions otherwise. warmest Kaye

 

Leave a Comment:


RELATED ARTICLES

Thou shalt not covet … thy neighbour’s house

Estate planning made simple, Part II

Watch out, it's not easy being the executor of an estate

banner

Most viewed in recent weeks

The nuts and bolts of family trusts

There are well over 800,000 family trusts in Australia, controlling more than $3 trillion of assets. Here's a guide on whether a family trust may have a place in your individual investment strategy.

Welcome to Firstlinks Edition 581 with weekend update

A recent industry event made me realise that a 30 year old investing trend could still have serious legs. Could it eventually pose a threat to two of Australia's biggest companies?

  • 10 October 2024

Welcome to Firstlinks Edition 583 with weekend update

Investing guru Howard Marks says he had two epiphanies while visiting Australia recently: the two major asset classes aren’t what you think they are, and one key decision matters above all else when building portfolios.

  • 24 October 2024

Preserving wealth through generations is hard

How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.

A big win for bank customers against scammers

A recent ruling from The Australian Financial Complaints Authority may herald a new era for financial scams. For the first time, a bank is being forced to reimburse a customer for the amount they were scammed.

The quirks of retirement planning with an age gap

A big age gap can make it harder to find a solution that works for both partners – financially and otherwise. Having a frank conversation about the future, and having it as early as possible, is essential.

Latest Updates

Planning

What will be your legacy?

As we get older, many of us start to think about how we’ll be remembered by those left behind. This looks at why that may not be the best strategy to ensure that you live life well and leave loved ones in good stead.

Economy

It's the cost of government, stupid

Australia's bloated government sector is every bit as responsible for our economic worries as the cost of living crisis. Grand schemes like the 'Future Made in Australia' only look set to make it worse.

SMSF strategies

A guide to valuing SMSF assets correctly

SMSF trustees are required to value all fund assets, including property, at market value when preparing the fund's financial statements each year. Here are some key tips to ensure that you get it right.

Economics

Australia is lucky the British were the first 'intruders'

British colonisation's Common Law system contributed to economic prosperity, in contrast to Latin America's lower wealth under Civil Law. It influenced capitalism's success in former British colonies, like Australia.

Economics

A significant shift in the jobs market

The expansion of the 'care sector' represents the most profound structural change to Australia's job market since the mining boom. This analyses how it's come about and the impact it will have on the economy.

Shares

Searching for value in tech stocks

Just because a stock is cheap doesn't necessarily make it good value. This uses case studies in the tech sector to help identify when stocks trading on 30x earnings may be inexpensive and when others on 10x may be value traps.

Investing

Are more informed investors prone to making poorer decisions?

Finance Professor Michael Finke recently discussed the double-edged sword of taking an interest in your investments, three predictors of panic selling, and why nurses tend to be better investors than doctors.

Sponsors

Alliances

© 2024 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.