Death, in most cases, is entirely unexpected. Nobody wants to think about it, but it’s an important conversation to have. Not only do you want your family to know you love them, but you want to make sure they’re taken care of in your absence.
Talking about life insurance
Simply buying a life insurance policy is one of the best things you can do to protect your family in the event of your unexpected death. If you’ve already got a life insurance policy, you should evaluate whether it’s still enough.
If you were to pass away tomorrow, would your family have the money they need for:
- Your funeral expenses?
- Associated medical bills?
- The bills and mortgage?
- Income replacement?
- Your kids’ college tuition?
These are just a handful of things that your family will depend on life insurance to pay for when you die, so revisit your policy. Is it really enough to take care of your family the way you take care of them now? If not, think about purchasing a larger policy.
If just buying a life insurance policy makes you confront your own mortality, planning your estate may seem downright morbid. Unfortunately, about 55% of Americans don’t have a will or estate plan for just that reason.
But by avoiding this important planning, you’re actually making it much harder on your loved ones should something happen to you. That’s why we recommend always having updated:
- Guardianship forms
- Power of attorney
- Living will
Each of these documents will let your family know your wishes without guessing, without stress and without guilt in the event of your passing. Including things like family heirlooms or funds for your children’s college are all part of estate planning that leaves a legacy. Update your will and living will after major life events, like the birth of another child or a divorce. This way, your documents will be up-to-date and ready no matter the circumstances.
What if you died tomorrow?
If you died tomorrow, would your loved ones be taken care of? With a little planning and a lot of respect for the unknown, you can create a plan that protects the people you love should you pass away unexpectedly.
But planning for the unexpected is about more than your financial legacy. It’s about living your life the way you want to! That’s why we recommend living the life you’ve always envisioned for yourself today. Don’t wait.
We created a Vision Worksheet that can help you do just that. It will help you put everything into perspective so that you know you’re on track should something happen to you. It will also help you create a roadmap to the life you really want to live.
If you’re wondering how to plan for an unexpected tragedy, we can help. Reach us at [email protected] to discuss our life planning services.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.