Thoughtful Thursday
Insurance and wills and guardianship:
I am an accountant and I get a lot of questions about these things. Not sure why, one would think a lawyer would be a better person to ask questions of. My general knowledge consists of this though.
1) If you are a stay at home mom, you still need life insurance on yourself, as if something happened to you, your hubby would have to hire people to do the things that you do. House cleaning, child care, cook, etc.
2) If you are the main breadwinner, ensure that you are insured adequately for your family to be taken care of in the manner they are accustomed to.
3) Everyone needs a will. Your will should be an official legal document, the money it costs now, will be saved in the event of your death, and the chaos dieing without one causes.
4) Guardianship of minor children. You need to do this. In the event that both parents are killed at the same time, you need to have it stated in a legal document who will take over care of them.
5) The trustee for your children versus the named guardian for your children should be different, so that you know the money is actually being spent on them.
6) If you are a stay at home mom, and your husband looks after the finances, make sure YOU know where the will, life insurance policies, and legal documents are. You have to know what is in place in the event of his death.
7) If you are the one totally in charge of the finances ensure that your husband knows where your will, insurance policies, and documents are.
8) In the event you die together the executor named in the will should know where to find all the documents that are needed.
9) Pre chosen funeral arrangements. These plans are a great idea. They let you set out what you want for yourself in the event of your death. Saying that also means that the loved ones left behind have the time to grieve and not worry over the little details as it is all laid out.
10) Those left behind in the event of death need time to grieve without dealing with the overwhelming burden of wondering about money, wills, insurance. Children deserve to remain children and not have all this thrust upon them.
So my thoughtful Thursday is this, take what I have said and go to someone who can help you make it a reality.
I am an accountant and I get a lot of questions about these things. Not sure why, one would think a lawyer would be a better person to ask questions of. My general knowledge consists of this though.
1) If you are a stay at home mom, you still need life insurance on yourself, as if something happened to you, your hubby would have to hire people to do the things that you do. House cleaning, child care, cook, etc.
2) If you are the main breadwinner, ensure that you are insured adequately for your family to be taken care of in the manner they are accustomed to.
3) Everyone needs a will. Your will should be an official legal document, the money it costs now, will be saved in the event of your death, and the chaos dieing without one causes.
4) Guardianship of minor children. You need to do this. In the event that both parents are killed at the same time, you need to have it stated in a legal document who will take over care of them.
5) The trustee for your children versus the named guardian for your children should be different, so that you know the money is actually being spent on them.
6) If you are a stay at home mom, and your husband looks after the finances, make sure YOU know where the will, life insurance policies, and legal documents are. You have to know what is in place in the event of his death.
7) If you are the one totally in charge of the finances ensure that your husband knows where your will, insurance policies, and documents are.
8) In the event you die together the executor named in the will should know where to find all the documents that are needed.
9) Pre chosen funeral arrangements. These plans are a great idea. They let you set out what you want for yourself in the event of your death. Saying that also means that the loved ones left behind have the time to grieve and not worry over the little details as it is all laid out.
10) Those left behind in the event of death need time to grieve without dealing with the overwhelming burden of wondering about money, wills, insurance. Children deserve to remain children and not have all this thrust upon them.
So my thoughtful Thursday is this, take what I have said and go to someone who can help you make it a reality.
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