Have you prepared for the sudden death of yourself and/or your spouse? This is a topic that most people shy away from. It is difficult to plan for something that you do not want to happen, especially when you have young children, but it important to have these plans in place. There are a few simple things that you must do in order to protect your family against this happening.
1) You need to have life insurance policy large enough to pay off your existing debt and to create a nest egg, which will provide money to live on through the interest. This is important. You can prevent your family’s lives being turned completely upside down in addition to dealing with the sudden loss of a loved one.
2) If you have children you need to determine who will raise them if both you and your spouse were to die. This is a matter, which should be approached with a great deal of thought. You will want to choose someone who will love and raise your kids as though they were their own. You will also want someone who will instill the same values that you have into your children. As you make this decision you will need to visit a lawyer and have the paperwork drawn up. You will also need to let others know of the decision so that there are not any big surprises if you do die.
3) Since you are thinking about this, you may want to consider completing a living will. A living will is a document, which states whether or not you want to be kept alive by machines for an extended period of time. This will make difficult decisions easier for your family members during a difficult time.
As your take the steps to prepare now you will know that you have done your best to provide for your family. I have heard of awful custody battles, because the different sides of the family each wanted the children. This can cause rifts in relationships, which do not need to be there. Spare your family a little bit of the heartache by preparing now.