The first thing that comes to mind is a will.
Consider hiring a lawyer who specializes in estate law.
Your will should include your guardianship wishes for any children who are minors. The selected guardian should be made aware of this now; ensure that s/he shares your values and can provide the emotional/financial support your children will need.
Appoint someone to make important decisions for you.
This person will be responsible for making any medical/life treatment decisions on your behalf, should you be unable to.
Decide who you will grant power of attorney to.
This person(s) will have the authority to manage your money and property on your behalf should you be unable to.
Gift possessions now.
Experience the joy of watching loved ones enjoy your treasured possessions while you are still alive. Doing this now can also help minimize family arguments later.
Establish your final arrangements.
Make your last wishes known by holding a family meeting. Pre-planning your funeral or memorial service can help lessen the load on bereaved loved ones when they may be unable to think clearly.
If approaching retirement, look at your employer’s benefits policy.
If your employer offers some type of modified life insurance to retiring employees, you’ll want to check on the actual coverage amount — this benefit is usually reduced significantly to accord with aging. You will want to ensure that you have enough coverage for your needs. Also, if you’re taking over the contributions to your existing life insurance policy, you may want to shop around for a more competitive rate. If your company’s group insurance plan does not extend to retired employees, you may want to source a new life insurance plan.
Look into life insurance.
If your family depends on your income to cover essential household expenses or if leaving your family in debt would significantly impact them, then life insurance is a must. The tax-free proceeds from a life insurance policy can be used for:
- Paying daily expenses such as mortgage or rent payments, groceries, utility bills, transportation costs, clothing and insurance.
- If you are paying off your mortgage with creditor mortgage insurance, the lender will receive the proceeds at your death. With life insurance, your spouse will receive the proceeds at your death. S/he can then decide to pay off the mortgage or invest the proceeds and continue making mortgage payments.
- Paying off debts such as car loans and credit card balances that can leave your family struggling with debt.
- Helping to raise your children by providing funds for all of the expenses associated with their ongoing care.
- Leaving a legacy fund for your children’s education. Education may be the best investment you make in your child’s future. The proceeds of your policy can help pay for college or university expenses.
- Supporting your spouse’s retirement. You and your spouse may have been saving towards retirement, but without you continuing to contribute to your plan, will your spouse have enough to retire? The proceeds from a life insurance policy could help provide the lifestyle in retirement that you both had planned.
- Paying final expenses such as medical and funeral expenses, legal fees and probate taxes. Your life insurance proceeds, as your final gesture, would help ensure that you don’t saddle loved ones with unnecessary debt.
Get a no-obligation quote.
