Last week we discussed the significance of life, pointing out that the amount of income you create and the sum of your possessions are not the only determinants of your true value as a person. The positive impact that you make on the lives of others can be a key indicator of your real worth.

I believe that each person has unlimited potential to achieve great things and make a tremendous difference to the world. However, most people never really tap into their latent abilities and may never discover and accomplish everything that they were intended to do during their lifetime.

Whether you decide to experience your life to its fullest or you’re content to pass your time without fulfilling your life’s purpose, your existence on this earth has a value that needs to be protected. While your life is really priceless, it is possible to put a price tag on the contribution you make to other people.

Although you can try to preserve your life by eating healthy, staying fit and avoiding risky activities, you have little control over the circumstances surrounding your eventual demise. Therefore, you must ensure that those who depend on you will not be unduly disadvantaged when you die.

Who is positively influenced by your life?

When you are thinking about preserving the value of your life, you should consider all the persons and entities that are directly affected by your existence. Your aim is to create a plan that will minimise the negative effects of your passing and allow them to maintain their lifestyles and routines.

Those who rely on your existence include family members for whom you provide financial support, employees and shareholders of your business, and colleagues who depend on your input at work. There are many ways in which you contribute to other people that you may not have considered.

Imagine what would happen to these dependents if you were no longer around. How well would they be able to function without your presence? Would there be no money to pay the bills at home, major disruptions for your business operations, and confusion in your department at work?

This envisioning exercise may reveal how much your absence would change other people’s lives. While no one is irreplaceable and eventually people would recover after you have passed on, you should try to decrease the level of disorder and displacement that might occur in their lives.

What worth do you need to protect?

You need to establish a way to put back your income, prolong your goals and preserve your assets for your financial dependents. Purchasing life insurance is one way to make sure that there will be funds to take care of expenses and provide an income stream in the early days after your demise.

If you have savings and investment accounts, it’s important for your survivors to have access to the money in the event of your death. Put trusted persons on your accounts as joint holders or beneficiaries, and ensure that required identification and documents are up-to-date on all your holdings.

Your passing could derail family goals, such as buying a home or college education for your children. Having life insurance for specific purposes or savings plans with insurance components will allow your family to be able to attain these goals even though you’re not around to contribute to them.

Establishing an estate plan will allow you to indicate how your property should be transferred when you pass on. Your plan could include a will, trust deed or share transfers for your business. You may need to consult an estate attorney for guidance, depending on the complexity of your assets.

How can you promote stability when you die?

While some people may implement financial preservation strategies for their death, there is usually little consideration for how they can protect the emotional well-being of those they will leave behind. Is it possible to make your transition emotionally easier for your survivors?

One way to accomplish this is to eliminate all the things that may create uncertainty and confusion. So, if you have hoarded useless items over the years in your house, then do some spring cleaning to get rid of all the stuff that would be difficult for others to sort out when you are gone.

Make a list of persons to whom you would like to leave particular items not specified, in your will, such as the china set or pieces of furniture. Although you may think it morbid, your family might also appreciate if you left instructions outlining the details of your funeral service – one less thing for them to plan!

At work, try to complete your tasks each day, or leave notes on outstanding paperwork so that other persons can follow through if you’re not around. If you own a business, ensure that procedures are properly documented and that your staff is trained to operate without your presence.

Once you start thinking about how your life impacts other people, you will realise how much they stand to lose when you die. Being considerate of how your survivors will be affected by your passing will actually help to preserve the value that your life brings to others.

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

Originally published in The Daily Observer, April 9, 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