Getting Your Affairs in Order as a Parent.
The only thing certain in life is death. While your death can be a scary topic, it is especially important to think about if you are a parent.
Once we perish we still have belongings, bills, and our funerals that must be taken care of.
Being a mom of three having my affairs in order is extremely important to me.
I’ve always had life insurance on myself and my children. As morbid as it is to get life insurance on yourself or children, the last thing you want is you or your family to worry about money for a proper funeral if something happened.
Getting Your Affairs in Order as a Parent
You will want to have your affairs in order, so that your children will be taken care of. Here are some things to get in order right away.
Get Life Insurance
If you are a parent and you don’t have life insurance this should be a top priority. I’ve had a few friends pass away that had children and they did not have any life insurance.
Not only is your family grieving the loss, but now they have an added stress of coming up with money to pay for your funeral and any expenses you have left behind.
Insurance will also leave some money for your children or those who will be left to care for them in your absence.
As much as we all want to believe we will be around until our children are grown adults, the sad reality is that accidents and illnesses can happen so be prepared!
Update Your Beneficiaries
When your first started your job, you filled out and signed lots of paperwork.
Somewhere in that paperwork, you listed beneficiaries who would be receiving your benefits in the event that you pass.
This was likely done before you had gotten married or even had children, so if this is the case be sure to update your newest family members as the beneficiaries.
Create a Will
Many people are not in any hurry to create a will because it will likely be years before it will be needed.
You never know when your time will come, so the sooner you create a will, the better. It is super important to have a will if you have minor children.
Without a will, it will be up to the government to choose who will care for your children, when you no longer are be able to. With a will you will be able to list who you want your children’s new caretakers to be.
Create a List of Important Contact Numbers
Often times when people pass their loved ones have no idea about who their finances have been dealt with.
This is why it is super important to make a list of names, phone numbers, and possibly even addresses, so that your loved ones will be able to communicate with your contacts.
Your banks, your employer, your financial advisor, your attorney, and your accountant are all numbers that you should have on single sheet of paper.
This will make it easy for your loved ones to deal with your affairs.
A Legacy Box Works Wonders
Having a legacy box or drawer can help in so many ways.
When you pass away, everything you have left behind paperwork wise, can be in the box. You can put your will, passwords, and any other important items in this box.
You don’t have to tell everyone where the legacy box is, but telling someone is a good idea. Give them the important details, so when you pass they can get started on things right away.
How are you getting your affairs in order as a young parent?