Making sure that your family is well provided for in the event of your death

6 03 2013

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Image via Flickr creative commons from docguy

Making sure that your partner and children are well provided for is perhaps the most basic duty of any parent. Granted, it might not be something we particularly like to give a great deal of thought to – but nevertheless it’s important to be prepared. What you need to remember is that in the event of your death, your family could be left all at sea. It’s hard enough to cope with the loss of a loved one in any event, but even more so when there are various financial and administrative loose ends which need to be tied up. It could be of immense value to your family if you ensure that there’s a will, life insurance cover and funeral plans are in place should the worst come to the worst.

Having life insurance cover should ensure that your family’s finances are protected in the event of your death. There are many different plans for you to choose from, so you need to ensure that you find one that’s appropriate for your family’s needs. An article from eHow.com offers a number of tips for those thinking of taking out life insurance. The first thing you’ll need to think about is why you need to take out life insurance, and what your dependents’ needs are likely to be in the event of your death. You should then think about your finances, and consider how much a life insurance is likely to pay out should the worst happen.

You can find out more about life insurance cover by searching online – there’ll be price comparison websites and other ways you can judge which policy would be most appropriate for you. Gather as much information as you can about the various policies on offer. This should allow you to then make a more informed decision as to which one is likely to be best for you. Make sure you obtain multiple quotes, as well.

In addition, you should also ensure you draw up a will to determine how your assets are distributed in the event of your death. Dying without leaving a will behind could result in long-running and traumatic legal wrangling between those closest to you, and it probably goes without saying that this is something you’ll want to avoid. Another eHow.com article suggests that you should start this process by drawing up a list of your closest friends and relatives. If you have juvenile children, you’ll need to think about who you want to assume the role of guardian, and you’ll also need to name an executor.

When working out who you’re going to bequeath your property to, make sure that you’re as specific as possible to avoid the possibility of uncertainty. If you have young children, you’ll need to set up a trust and appoint a trustee to manage it. You might also want to get in touch with a funeral director to discuss how you want your farewell service to be consulted. There are plenty of funeral directors to choose from, and you can find out more about Co-op funerals and other options simply by looking online.

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