As parents, one of our main concerns in life is the welfare of our children. Whilst we might work hard to make sure they have a great life every day; unfortunately, there may be events that stop you from supporting them financially. With this in mind, here are some of the things you should do to make sure your children are looked after whatever happens.
Prepare a will
We always think we’ll be there for our children no matter what, but the sad reality is that one day there will be a time where we say goodbye to them for the final time. When you pass away, you’ll want to make sure that your children are well looked after. You’ve worked hard throughout the years to earn enough money to make sure they’re well-fed, clothed and that you can treat them on birthdays and Christmas.
It’s only natural that most people will want any money or assets that they leave to go to their children. You might think that because leaving things to children when you die is so common that lawyers would just presume that it’s what you would have wanted. This is not the case, and it’s important you have your wishes written down in a legal document. Find a solicitor that specialises in wills and probate as soon as you can to make sure your wishes are respected. You might think that this isn’t something you need to do until you’re retired or even older. In fact, it’s important you get the document prepared now, so they’re protected whatever your future holds.
Get life insurance
If your children are more mature and old enough to have their own jobs and homes, any inheritance you leave will be an extra pot of money that could help make life easier. This could be used for anything from helping pay off loans, buying a car, or simply paying for that trip away they’ve always dreamed of. If your children are younger, you could find that the money you leave isn’t enough to support them through their childhood. With that in mind, it’s also important to take out life insurance, just in case the worst happens whilst your children are still young. Make sure you have a policy that will pay out enough to offer the right level of support for your children. For example, most policies will help with mortgage payments, but if you also want extra payments to cover things like university fees or school trips, make sure these are included in your policy.
Start a savings accountOf course, it isn’t only your untimely passing that could leave you unable to financially support your children. If you suddenly lose your job or become so unwell that you have to give up your job, you could find yourself unable to pay for everything your children require. With that in mind, it’s important that you have a savings account that you can dip into if you ever need it. You should try and save at least the equivalent of a few months’ wages in there so you have time to organise alternative employment should you lose your job.