How can you show your love for your family even after you are gone? None of us knows what the future holds. My godfather died in his 20’s and he left his young wife with a 3 month old baby to take care of. It doesn’t matter what stage of life you are in, you need to be prepared.
Here are a few practical steps to help you be prepared from a financial and administrative perspective.
1. Create a legal Will and keep it up to date.
Even if you don’t think you have a lot of assets, you need to have a Will because you don’t want the government to dictate what happens to your property after you are gone. It will save your family a lot of time and grief, because getting an estate in order after someone has died without a Will can take a lot of time and money. You may be surprised by how many possessions you own … Super, life insurance, a car … it all adds up.
It is important to discuss who will care for your children if something should happen to both parents. It is certainly a hard decision and there are many factors to consider.
Don’t risk a DIY Will-kit. They are little more than expensive pieces of stationery, and offer no backup or support. They even say on those kits that they are not intended as a substitute for legal advice! They are the cause of a growth-area in estate-litigation, because so many people make mistakes with them. The problems will only show up after you’re dead and gone. Then it’s your family & loved ones who have to wear the cost and all the delay and heartache to try to fix it all afterwards.