The idea that something bad could happen to you and your partner and leave your children orphaned is terrifying, and most probably not something that you want to think about. However, as a parent, it’s your job to think about it, because you need to make sure that should the worst happen, your little ones are properly taken care of.
You might not want to think about it, but it’s your responsibility to make sure that whatever happens, your little ones get the life that they deserve. So with that in mind, below are some tips and pieces of advice for how to prepare for if the worst should happen. Have a read, take note, and implement these tips to make sure that your family is protected, no matter what.
Create a will
If you don’t already have a last will and testament, you should make one as soon as possible. While there are plenty of kits that you can buy online to do this, it’s often better to use a solicitor for the task. That way you know that you’ve completed your will properly, and can ensure that your last wishes are adhered to. You should be able to find plenty of experienced solicitors in your area that offer will drafting services, for instance, Bhp Law are wills probate and trusts solicitors and offer this service.
As part of making a will, you will also need to choose guardians for your children. These are the people that should the worst happen, will look after your children. The people that you choose could be relatives or family friends, it doesn’t matter who you pick, just as long as you know that they can offer your children a good life. Ideally, they should be people who your children are close to and have grown up around. Obviously, before you add your chosen guardians to your will, you will need to ask them.
Start a trust fund for your kids
To ensure that when your little ones get older, they have money to fall back on to pay for college, a first car, or a deposit on a house, it’s a good idea to open a trust fund for them. It doesn’t matter how much money you put into it, every penny helps. Whether that means putting in £50 a month or £200 a month, it doesn’t matter. You could even put half of your children’s birthday and Christmas money into their trust funds each year, to help top them up.
Take out a life insurance policy
Do you have life insurance? If the answer is no, then now could be the perfect time to take out a life insurance policy. The great thing about taking out life insurance is that it only costs a few pounds a month and can guarantee that should the worst happen, your family would get a payout, allowing any debts to be cleared, such as your mortgage.
So there you have it, everything that you need to do to ensure that should the worst happen, your kids are properly looked after.