3 Practical Tips for Protecting Your Family when A Parent Dies
Becoming a parent can be one of, if not the most exciting and overwhelming time of your life. No matter how much you try to prepare, quite nothing will 100% make you ready for becoming a parent for the first time. You can read all the books and take as much advice as you can, but becoming a parent is different for every one of us. However, the last thing any of us want to think about is what would happen to your child(ren) in the event of one or both parents dying.
But there are more practical things you can do as a parent to make sure that plans are put in place should the worst happen, be it a tragic accident or succumbing to an illness.
Make a will
Make things official by drawing up a legally recognized will that is signed by witnesses and states exactly what you want to happen should you not be around to take care of your children after your death. As morbid as it feels to think this way, it can take a weight off your mind as a parent to know exactly who will be taking care of your family and how their future will look should you not be in it. Be as specific as possible and include things such as dividing any money or assets fairly, education for younger children, living arrangements, and custody. It may be worth your time asking close family or friend members if they would be willing to take on this responsibility for you so you can have it in writing.
Get your affairs in order
As well as writing a will, it will be worth looking into what would happen to your finances upon death and what type of taxes those who are inheriting what you may leave will be likely to pay. Especially if you own your home—deciding what will happen to your home once you have passed. Visit bopprelawfirm.com to find out if a Life Estate Deed or A Transfer on Death Deed is the right option for your circumstances. Make sure you know what will happen to all of your assets upon your death and make the necessary arrangements legal before it is too late.
Life insurance and funeral plans
One of the best ways to make sure your children are taken care of in the event of your untimely passing is to have a life insurance policy in place. Choosing a plan that will transfer a lump sum to your children upon your death will give you peace of mind that they will be financially secure. As much as they and you would not want this, choosing the right policy for you and their future is essential to help ease the burden of loved ones left behind.
The same goes for funeral costs too. Either by prepaying with a funeral home or via an additional policy. You may be able to add this onto your life insurance policy. This will mean no one needs to worry about funeral costs during what will be a stressful and traumatic time in their lives.