Being a parent is far more than just loving your children, and nearly every parent only realises this when they hold their first baby in their arms. Your whole life adjusts to suit around someone else and they become the centre of the world for you. Much as the love and wonderful feelings associated with parenting are important, it’s more important to think about their future and just how you can protect it.
For most parents, thinking about the future of their child includes creating a solid college savings plan and ensuring that a will is drawn up. The last thing any parent wants to do is invest in a plan with wholelifeinsurance.co, and it’s not because it’s not a smart move. It’s just that no one wants to think about leaving their children behind. There are, of course, steps that any adult should take to protect their own interests, but it’s especially important when you have children as part of the family.
- Name A Guardian. You may not be religious or have held a baptism at any point, but you can still name someone to be the guardian for your children if something should happen to you. Don’t just write their names down and hope for the best, let them know they have been chosen as a guardian for your children should something happen to you. Putting it in writing just ensures that your wishes are heard and listened to.
- Arrange Insurance. You already probably have house and car insurance in place so getting life insurance shouldn’t be a huge issue. It’s there to cover your partner and kids should something happen to you. This keeps them financially secure and able to manage the bills and their future.
- Direct Your Assets. When you set up a will, you have to direct your assets and this should be done directly to your children rather than to their guardian or any other family member. Possession of assets is important to the IRS, and you can read more about that here. Put your assets into a trust for your children rather than allowing them to benefit the moment they turn 18 – this then stops the temptation for them to spend money as soon as they are of age.
- Write A Plan. It doesn’t matter whether you have any assets to pass on or not, you still must write everything down that you want for your children and their future. If you don’t write it down, then decisions can be made for you and for them without your consent and consent is so important.
All of these ways that you can protect your children are important. Think about how much you want for them right now and how much you have prepared and plan for their early years. It should be no different for them as they grow up. You are their one protector and that goes beyond life itself – let’s keep it that way.