There are certain topics in life that nobody likes to discuss, especially things like death, divorce, or disease. However, one day or another, we must confront these uncomfortable subjects. As unpleasant as these conversations may be, they are essential.
When you have a family of your own, you want to protect them at all costs, and part of this care involves managing your finances and preparing for the worst. Let’s talk about some steps that you can take to ensure your family is cared for during unpredictable times.
Buy a Life Insurance Policy
With as little as 10 dollars a month, you can take out a simple life insurance policy. Some, more comprehensive policies will help cover funeral costs and offer your family some financial protection if you pass away within the policy plan.
There are a range of different life insurance policies available, some are very simple, whilst others can even finish paying off your mortgage. Another advantage to life insurance is that most benefits are tax-free for the beneficiary.
Write a Will
Sadly, some of the worst family disputes happen after a loved one passes away and there is no legal document to clearly outline the division of assets. After you’ve sat down and written a will, you’ll want to make sure that it’s valid. Speaking to an elder law attorney can help you manage your finances and ensure your money, property, and possessions go directly to the people you care about.
Appoint a Guardian
In the case that you are no longer able to take care of your children, you’ll want to make sure that somebody you trust can take over. Appointing a guardian isn’t just about choosing your parents to care for your children. Think about the age of your appointed guardians, their parenting style and even their religion.
In fact, as per the guardianship lawyer Goldberg, guardianship can be granted over a person in two different ways. It can be either Limited Guardianship and Plenary Guardianship.
Create an Emergency Folder
Dealing with a tragic event like a death or accident in the family is hard enough as it is, so make sure to create a comprehensive emergency folder with all your most important documents. Gather your insurance papers, identification papers, emergency contact list, and the number of your estate attorney, and executor. Don’t forget to let your children or next of kin know where this folder is located.
Outline Funeral Wishes
If you haven’t taken out a life insurance policy, it may be a good idea to keep a separate fund for this expense and let your next of kin know the arrangements you would like.
At the end of the day, you’ll always want to make sure your children are cared for, no matter the circumstances. You can never predict the future; however, you can try to be as prepared as possible.
Comforting these topics headfirst can help prevent future suffering and trauma. It’s important to be realistic about life and prepare for any scenario during these unpredictable times. Even if the probability of a tragedy is slim, it’s always better to be safe than sorry.