Don't be caught in a financial tragedy upon the death of your spouse. Here are 6 Important Things you need to be aware of and/or do before your death:

1. Probate

Probate simply means to prove the will and settle your estate. A judge makes sure that your heirs are notified and your debts and taxes are paid. Your estate is distributed according to your will. Keep current and accurate records of all your creditors, heirs, receivables as well as the locations of all your assets. It is important to make sure that the Executor has contact information for your heirs, creditors and anyone who may owe you money.

2. Wills

Many people die without a will. When this happens, the court determines who the next of kin is. If there are no heirs then the property becomes the state's property.

3. Powers of Attorney

Powers of Attorney are important. The reason is because no one has an automatic legal authority to handle someone else's money on behalf of another person. Even if you are the next of kin, it simply does not matter. In the event you are not capable of handling your own finances and you have no Power of Attorney, you may have to obtain an Order from the Public Guardianship Office. That takes quite a bit of time and it is expensive.

4. Living Wills

Living Wills provide peace of mind not only for the patient, but for their loves ones as well in the event of an emergency.

5. Healthcare Directives

Advanced healthcare directives protect your wishes should you happen to be in a situation where it is impossible to relay those wishes.

6. Estate Planning

Estate Planning makes it possible to prevent your loved ones from the burden of details in the event of your death. This type of planning makes sure that your assets will be transferred smoothly.