You Can’t Get Too Far in Life Without Protecting Your Assets
If you want a vibrant financial life, you have to build in peace of mind. There’s just no other way to say it. You have to think about how you’re going to take care of just about anything and everything on your plate. You have to make sure that you’re focused on the right decisions from here on out. When it comes to peace of mind, you actually have a lot of different options out there. Some will turn to insurance, while others will turn to legal structures like wills and trusts. What’s the best path for you? Well, it just depends on your unique situation. This is as general guide to the subject, so it should not be constructed as giving financial advice.
First and foremost, you want to take stock of your financial life. What’s it look like? How much is coming in every month? How much is going out every month. Is every expense necessary? Categorizing your expenses will bring new financial clarity. You want to do this because in the event of your death, your family members will have to move on even when you aren’t there. SO you need to make sure that you can get things off the ground for them through a life insurance policy. Looking at different life insurance policies online is a good start. It’s not just about price though, so make sure that you’re studying each policy very closely. You want to make sure that your family will be protected even after you’re gone.
Another point that you will need to look into in order to protect your assets would be some type of critical illness and/or disability cover. Accidents happen in life, and we just never know if we’re going to get sick to the point where we can’t work. Protecting your income just makes sense.
A will should be on your mind as well — even though we hate talking about them, they are very powerful. There’s no reason to let the government decide who gets what out of your life. If you have moved on with a second family, you want to make sure that your assets are cleanly divided with minimal fighting. These are things that can really tear apart a family, so you have to make sure that you stay as focused as possible. You have to make sure that you’re thinking about all of your options.
Discussing this with your family is very hard, but they need to know all of the details. Where is your safety deposit located? Do they know the passwords to all of your online investment accounts? Do you have a clear beneficiary for your pension? Do you have a clear beneficiary for monies that will be left over after the terms of the estate are settled? If you are sick, do they have a plan on how to take care of you?
These are grand topics that are hard to bring up, but you have to make sure that they know about them. There’s no shame in realizing that you will not live forever. It’s something that will end up causing you a lot of problems. Why not check into getting a lawyer that can draw up papers for you? It’s a small step to a big solution!