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The thought of passing away can be a difficult subject to think and talk about to your loved ones. A lack of control over the event of our passing and how and when it might happen can leave us feeling uncertain about what the future holds for your family, when it may involve you not being present to take care of them anymore. After all, you’re essential to your children’s survival, to teach them the ways of the world, protect them from harm and to provide them with a loving home. Which is why the driving force behind most parents planning ahead for their family’s future is usually driven by the need to provide for their children.
Here are some simple ways you can begin to take steps to plan ahead for your family’s future without you.
Pre-paid Funeral Plan
Should you or your other half pass away, do have a plan in place to take care of your funeral arrangements? Following the death of a loved one, people tend to spend time grieving. However, this can sadly be interrupted if the cost of a funeral is looming over your family. Also, those whose family members have passed away shall also want to organise a send-off that is fit for their loved-ones departure, this may involve needing adequate funding and time spent arranging the event. To prevent your family from worrying about the value of your ceremony, and the details of the type of funeral you would want, you may wish to consider contributing to a pre-paid funeral care plan. This will cover the cost of your funeral, and enable your family to concentrate on grieving their loss and putting their lives back together without you.
If you were to pass away your family’s lives would be missing an enormous contribution to the way they currently function, such as losing an income and/or the children’s primary carer. Without your hard work, your family could suffer without you and may struggle financially to maintain the life they were accustomed to when you were present. This is why life insurance is an essential factor to consider when thinking about how to prepare your family in the unfortunate event that you pass away. For example, you may choose to select a plan to pay off the mortgage completely, relieving your partner of the mortgage payments will ease the financial pressure on your family to maintain their lifestyle.
Write A Will
You can actually create a will for free, or alternatively, there are law firms who in the hope of a future exchange of your business, may write a will for free for you (however this will sometimes present itself with additional costs to store it with the law firm and to make alterations to it in the future). A will is a legal document stating your wishes after you pass, this might include requests such as, who will look after the children if you (and your partner) pass away and who your savings, assets, property and so forth should go to. Creating a will and adjusting it when necessary throughout your lifetime will provide some peace of mind for you, that your children shall be looked after, and your assets shall be divided as you see fit. This also prevents family disputes over who is entitled to what.
To cushion the fall for your family should you pass away, some or all of the above options may be just what you and your family need to ensure their stability.
This is a collaborative post