Nobody wants to think about death, and even fewer of us like planning for it. Unfortunately, this reality leads to a lot of discomfort for families in one of the most difficult times in their lives, and it can lead to large rifts between once-close family members. By thinking through your estate planning, having a written plan, and ensuring your family’s security through life insurance, you can leave behind a legacy of love.
Plan Early, Plan Often
By planning your estate early on in life, you can account for any possible future. Securing your family’s future, your wishes for the end of your life, and providing loved ones with a plan for what will happen to possessions can make things so much easier for those you leave behind.
We understand that taking on the task of planning what happens after you’re gone is scary. The best way to tackle this task is to take it one step at a time and revisit the steps regularly to keep your plans up-to-date. These include:
- Make a will.
- Clearly communicate your wishes for any end of life care in writing.
- Consider a trust, either revocable or irrevocable (talk with a financial expert for assistance).
- Designate someone as your power of attorney.
- Assign a personal guardian for children, should they need it.
- Protect property and inheritance for young children.
- File all appropriate forms for previous decisions with your local government as needed.
- Cover any and all funeral expenses in advance.
- Get life insurance quotes, and keep a plan active at all times.
- Keep a list of all outstanding debts and assets, how to access them, etc.
- Store all insurance, deed, will, trust, and other documents securely.
It Takes Time
Remember, your estate planning won’t happen overnight. There are a lot of moving parts, and, odds are, you’ll continue to find more and more decisions and things to point out, leave behind, and account for as you go through the process. That is entirely okay; it is far better that you spend time making your own decisions than it would be to leave those decisions to your loved ones later.
Calculate Your Needs
What are your long term goals, both personally and as a family? The purpose of life insurance is to insure that those goals can be still achieved in the unlikely event that you are not around to see them through. Life insurance benefits can allow your family to maintain their quality of life, purchase life-changing homes and education, cover your end-of-life expenses, and invest in the future of the family.