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3 Things You Need to Arrange When You’re a Parent

By admin / December 17, 2019

As a parent, you will undoubtedly want to ensure that your children are properly protected, both now and well into the future. You will also want to make certain that they will be taken care of in the event of your untimely passing. As such, there are three very important things that you will need to arrange to ensure that this is so.

Creating a will

Creating a will is quite straightforward; however, it is essential that you follow all of the relevant legal guidelines to a tee. The reality is that, if you don’t, anyone can contest your will and its contents after your death which can ultimately affect your children’s inheritance. Firms like the Inheritance Experts advise that one of the easiest ways in which a person can contest your will is by proving that it was not signed in the appropriate manner and that there were no witnesses present. They may also attempt to prove that you were not of sound mind when it was signed. As a result, most people will opt to work closely with a solicitor or will writing expert who will be equipped to advise them regarding the various legalities.

Once you have found someone to assist you in this matter, you must then work to draw up a list of your assets, have them professionally evaluated, and decide how you wish to divide them up among your loved ones. When you are happy with this, you can then proceed to sign your will, and store it somewhere safely, taking the time to notify your chosen executors of its placement. Many opt to keep it at home, but you may also decide to store it with your attorney or at a bank.

Selecting a guardian

Aside from recording who gets what, another important aspect of your will is appointing a legal guardian for your children in the event of your death. This is essential regardless of whether or not you and the children’s other parent are still together. It is particularly important if you wish to ensure that your children are not left in the care of somebody who has not played an active role in their lives, or someone who you don’t trust to take proper care of them.

Investing in life insurance

Life insurance helps to make certain that your children will be well looked after from a financial perspective after you die. There are numerous types of life insurance available, with term life insurance and permanent life insurance being the most popular. The full range of life insurance options in the USA are as follows:

  • Term life insurance.
  • Permanent life insurance.
  • Whole life insurance.
  • Universal life insurance.
  • Variable life insurance.
  • Variable universal life insurance.
  • Simplified issue life insurance.
  • Guaranteed issue life insurance.

Speaking with a financial advisor can help you ascertain which type of life insurance is best suited to you, your lifestyle, and your family.

By arranging the aforementioned things, you can enjoy total peace of mind that your children will be alright no matter what happens to you. Do not forget to ask for legal advice if you are ever unsure about any aspects or any decisions regarding these matters.

 

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