Traditional Jamaican proverbs can be very enlightening. They often express clever anecdotes or dire warnings about life, drawn from years of experience. If you examine many of these adages, you will find a kernel of wisdom that can help you to be smarter in your financial affairs.

While some of our proverbs give clear instructions on the importance of saving or spending wisely, the message in others may not be as obvious. “When cow ded, him lef trouble gi cow-skin,” is one of our lesser-known sayings that can provide a very important lesson about money success.

In standard English, the proverb states, “When the cow dies, it leaves trouble for the cow-skin,” which means that a dead cow’s decaying remains will produce a messy problem. Similarly, many people will pass from this earth and leave behind nothing but trouble for their survivors.

Two sides of the same coin

Life and death are integrally connected. Like the two sides of a coin which are inseparable, you can’t adequately plan for your life without making preparations for your passing. However, many people try to avoid the reality of death, sometimes because of fear or from needless superstition.

Even if you do all the right things with money during your lifetime – budget carefully, spend frugally, save consistently, borrow cautiously, earn aggressively and invest wisely – if you ignore the financial aspects of death, then you have not covered all of the essential money principles.

It is financially irresponsible to leave your survivors in a state of confusion or deprivation after your death; to be truly successful with money you also need to make provisions for them when you die. Let’s look at some elements that should be included in a financial plan for your passing.

Think of the worst case scenario

Imagine what life would be like for your survivors after your death. Do you have enough money put aside to take care of your funeral expenses? Would they be able to have easy access to your funds? If they are currently dependent on your income, how would the bills get paid?

If you have property, how would it be transferred to those you leave behind? Would they quarrel over who should get your possessions? Would people whom you would rather not inherit your things be entitled to get them because you didn’t leave instructions dictating otherwise?

If you own a business, could it continue operating when you are gone? What would happen to the equipment, vehicles, and other assets of the business? How would the staff and your creditors get paid? Who would be authorised to collect your receivables and gain access to the bank accounts?

Start with the basics

Are you left in a blind panic after pondering these questions? Then you need to take immediate steps to rectify the potential problems that could arise upon your passing. You may not be able to solve all the issues at once, but at least you can ensure some basic provisions are made.

If you don’t even have enough money to cover the cost of your funeral much less take care of your dependents for an extended period, you need to purchase life insurance right now. Life insurance will provide your named beneficiaries with quick access to a lump sum of money upon your death.

A life insurance advisor will help you to calculate how much coverage you really need to take care of your dependents. Even if you can’t afford the premiums for the recommended coverage, start with what you can afford at this time and purchase additional insurance as your budget allows.

Record your intentions

Possessions don’t have to be pricey to make a plan to pass them on; family members have been known to fight over Grandma’s china plates and mahogany bed. Therefore, you need to have a written record of your wishes so that your survivors will know what to do with your things.

Start by making a list of all your assets giving details where they are located, such as bank account numbers and branches. Then consider who you would want to inherit these possessions, and also make provisions for paying any loans or obligations that may be outstanding upon your death.

Next, prepare a will which outlines in writing how you want to transfer your assets. Name an executor to carry out your wishes and get two persons to witness your signature on the will. If your estate is simple, then you can use a pre-printed will form which you can buy at a bookstore.

Seek estate planning advice

For some persons, an estate plan may require more than life insurance with named beneficiaries or a simply-written will. If you are divorced and remarried, have children with special needs, own shares in a business or possess valuable assets, then you may need to seek professional advice.

Your objective is to ensure that the legal issues surrounding your estate are adequately covered, and that all the necessary documentation is done to protect your beneficiaries. Don’t delay with making these arrangements as you don’t want to leave problems behind when you pass on.

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, December 3, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl