When you have a family you often wonder what would happen to them if you suddenly passed away. It is important to know that your loved ones would be comfortable financially while mourning your loss. Although no amount of money will ever replace you, it would help to have one less thing to worry about in a difficult time.
Prepare a Will
Having a will prepared can save your family from a lot of headaches in the aftermath of your death. Many people choose to prepare their own wills using software or downloads from the Internet. It may be more costly, but hiring an attorney to prepare your will can help ensure it holds up in court.
If you have dependents, you can specify how you would like to support them after your death. Further, you can designate a caregiver to step up if you and your partner both die at the same time. In the absence of a will, custody issues could be decided by a court of law. Additionally, your assets may be divided against your wishes if you do not specify how you would like them divided after your death.
Have a Life Insurance Policy
Once you have accumulated some assets and a family to support, it would be wise to find life insurance online. Ensure you have enough insurance coverage to pay your family’s expenses at their current lifestyle through at least a few years.
If possible, you may want to ensure that your purchase enough life insurance to pay off your mortgage and fund your children’s college education. Money will never replace your presence, but having a financial cushion will at least make life a bit easier for your family if you cannot be there physically for them.
Keep Important Paperwork Handy
Keep all of your essential paperwork safe and in one spot. This includes life insurance policies, your will, information on investments and assets, and identification papers such as your passport.
Having all of these important documents in one location will enable your family to easily locate them and use them to collect on insurance policies and enforce your will. If you have life insurance or a will that no one can locate, they will not do your family much good.
Plan Your Funeral
Some people always love to be prepared. If you are one of them, you can consider planning your own funeral. Many people choose to pre-pay for their funeral services so that their families will not be burdened as they mourn.
This may seem a bit morbid, but it helps some people to know that they can do this one last thing to assist their loved ones for a final time. You can even be so specific as to select your casket, tombstone and hymns, and readings for your funeral service.
If you meet an untimely death, it is comforting to think that your loved ones will be cared for while they try to learn to live without you. Help your family by preparing a will, having life insurance, keeping paperwork handy, and planning your own funeral.