The 9/11 catastrophe should remind us all that disaster can strike at any moment. No one saw the attacks coming. Since then, other serious incidents, like the Boston Marathon bombings and Virginia Tech shootings, show us that life is tragically unpredictable. Now, more than ever, it should be clear that financial planning is not optional.
What we’re suggesting is that, for 9/11, you protect yourself. When so many of those men and women got hurt or killed, their families were unprotected. The following article suggests ways you can learn from the past. Disaster can strike at any moment. Will your family be protected?
Resisting the Inevitable
Many people fail to plan for when they pass. It’s simply because it’s a painful topic to dwell on. And it’s uncomfortable to talk with loved ones about your final wishes. But putting such decisions off only increases the chance that some tragedy will leave loved ones without your financial support. It’s time to recognize that life insurance, completing a will and deciding how these financial planning tools will be managed needs to be a top priority in your life.
Creating a Will
Writing a will isn’t the complex process it once was. The internet has made it much easier. You can use online legal services to make the document, or you can take a draft version to a local estate-planning attorney to help you finalize it.
Both you and your spouse should have individual wills. Joint wills aren’t even recognized in some states and the likelihood of both passing together is low. This creates legal hurdles for your loved ones to manage after your death. It’s best to have an individual will that makes your wishes clear.
Once you have completed your will, it must be kept safe because probate courts require the original document. A safety deposit box is the best option because it keeps the document safe should some physical tragedy befall your home. A fireproof box is another good option if you’d prefer not to keep a safety deposit box.
Among the most important issues to address in your will is who will care for your children and will execute your wishes. Your executor must be someone you trust highly. An executor who abuses your estate can leave your other loved ones with nothing. This is one reason that a will alone is not enough protection. You also need life insurance if anyone depends on your income…
Buying Life Insurance
Term life insurance is easy to get, easy to find and offers solid protection for your loved ones. Whole life insurance isn’t too common anymore. It’s expensive and doesn’t offer a good investment when compared with standalone investment products.
Besides offering protection in case something goes wrong with your will, life insurance provides a fast settlement so that loved ones have something to live on while your estate settles. Probate can take months or years, depending on the complexity of your estate.
Don’t wait to make your final wishes official. You simply never know what may happen. Respect those who have fallen by protecting your families. It’s not a poetic way to remember 9/11, but it is respectful.
