As a parent, you know the importance of taking care of your family. You provide for them financially. A mum or dad wears many hats, and sometimes multiple hats on a given day. You cook, clean, and guide your loved ones on their respective journeys. With all of this in mind, you need to take proactive steps to plan for the unfortunate circumstance where you may no longer be with them. Follow these tips to get your affairs in order without delay.
Plan for Your Final Resting Place
Knowing where you would like your final resting place to be can seem like a strange endeavour when you are still among the living. It is important to make this decision so others don’t have to.
Consider direct cremations as an alternative to traditional funerals. With this option, you will save money that can be left to your family instead. If you wish or your loved ones choose to hold a memorial service for you, they can wait for your ashes or proceed without them. The most important part will be to celebrate you, after all.
Obtain Life and Funeral Insurance
If you are at a stage in your life where you have a spouse, young children, or children who still rely on you then you need to consider obtaining life insurance. The amount should be approximately 10 times your gross annual salary. While this may seem like an exorbitant amount, it will cover your lost income and take care of your loved ones if you pass unexpectedly.
Another insurance policy to have on hand is one for your funeral expenses. You can estimate your final expenses and put them in a separate insurance policy to be used specifically for this event. This way, your family will not need to come up with extra money or take from the insurance policy to cover the cost of a funeral. This type of planning will give everyone peace of mind that things are taken care of.
Make a Will, and Name a Trusted Executor
Having children means having. You love them more than anything and need them to be just as loved by another if you pass away. Your spouse or partner is almost always the person who will be legally responsible for their care after your passing. However, if both of you should pass away, you need to list someone you trust to become their guardian.
Take some time with this decision and talk to your spouse as well as your named guardians before putting it on paper. Make sure everyone is comfortable and in agreement with the arrangement.
The executor of your will is the person who will carry out your last wishes and pass on your possessions, as appropriate. If you have all of your paperwork in order, this should be a relatively painless job for them to accept. If your affairs are in disarray, however, this task will be more than difficult. Ensure you have everything prepared and your executor knows where your original will is stored for when they need it. Keep the other original in a safe for your needs.
Watch this video for insight into an Executor’s responsibilities.
Now that you have addressed these important matters, you can get back to living your best life. Enjoy time with the people you love. Show them how much you care with your time and of course, with your diligent planning and foresight.