Have you ever thought about what would happen to your family if you were no longer around to care for them? It’s not something many people want to think about. But the reality is this situation happens constantly; people become ill and cannot recover from their illness, accidents happen, and people feel they can no longer continue in this world or their bodies can’t support them.
Death is a scary thought for many, and the idea of not being here one day can be frightening. There is no denying that. But when you have a family to think about, you need to look at what will happen to them if you cannot be here to do so yourself.
Guardian
Talk to loved ones about the possibility of them taking on your children if they are under 18 or guiding them as young adults. Getting legal confirmation that a trusted friend or family member will take over guardianship of your children can give you peace of mind about what will happen to them and help avoid them entering the foster care system. Especially if you have multiple children, you will want siblings to remain together.
Life Insurance
While money can’t replace you, it can help to give your family a helping hand when they need it. Having your children listed as beneficiaries to receive a payout in the event of your death means you can be confident that they can have something to get them going in their adult life when needed. Be it as a downpayment for a house, to buy a car, pay for college tuition, or to follow their dreams and career path.
Leave a Will
Possibly one of the most important things to do when you have kids is to leave a will. A will is your wishes on what you want to happen in the event of your death. It will include beneficiaries of your estate, a trust tax id number for trust funds held in children’s names, guardianship details, and anything else that helps them leave your estate to your family.
Have your will drawn up with an estate lawyer, witness, signed, and notarized to ensure legality and ensure your family is cared for.
Review Your Life Regularly
Take constant stock of your life and how it changes to factor this into any changes you need to make. The last thing you want is to trigger the above points coming to fruition, and as your children get older, you can adapt your will to allow for this. Pay attention to any new property you acquire to include this in your will, new investments, financial position, and health status. By closely checking your lifestyle, you can ensure everything is updated as needed and nothing is missed or overlooked should it come to that point.
Preparing for your death and leaving your family behind isn’t something you wish for. Sadly this happens to many families, and the effects can be devastating. While you cannot take away the pain and grief your death will cause, you can help your family to live their lives as best as possible by putting the above things in place.
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