If you have children, you need a will (and life insurance)

gravestoneMost people don’t like to think about death or dying – especially when it is their own life they are considering. And this fear of thinking about it causes many to ignore the subject all together, falsely believing that it won’t happen to them. Or perhaps they have decided that they don’t care what happens after they die. I mean they are already gone, right?

When my friend, Trish, was first diagnosed with cancer, she professed to not caring about the bills or the money she spent on her family. Her theory was that you can’t take it with you. And while that is true…you are leaving behind love ones who will have to pick up the pieces. They will still have bills to pay.

Trish lost her battle with cancer at the end of August. She was the main bread winner of the family. She did not have a will or life insurance. Now her husband is struggling with paying off her medical expenses and adjusting to life without her income. A life insurance policy would have provided the family some relief.

In Trish’s case, the lack of a will was not as important even though it might have made a few things easier on her husband. But now he is the sole provider for their two kids. It is even more important that he have a will to provide for his children if he should pass away before they reach adulthood.

My husband is an attorney and while he doesn’t specialize in wills and trusts, he make a point to emphasize to parents that they need a will. It is the ONLY way to have a voice in what happens to your children after you die.

You may think it is obvious that your brother will take care of your kids or that your mom is young enough to do so. It may never enter into your mind that your mom and brother may argue over who is best to care for your children. Without a will, it will be up to the state to decide who will have custody of your children.

But with a will, YOU get to say who you would like to raise your kids. You can ensure that the family member or friend you want to raise your child is the one that gets to do so. You don’t want to leave it up to the courts to decide what is best for your family.

(There are other benefits of having a will such as giving instructions regarding medical decisions in case you are not medically able to express your wishes, providing for the education of children or grandchildren and avoiding tax consequence for your heirs.)

As for life insurance that money can help pay off your expenses and for your funeral instead of leaving your loved ones with bills. In the case of Trish, a life insurance policy would have done that as well as provide the family more time to transition their lives to a single, one income family.

So I urge all of you to review your life insurance policies and update your wills. And if you don’t have a will – and especially if you have kids – I urge you to get one.

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2 thoughts on “If you have children, you need a will (and life insurance)

  1. Ali says:

    Reblogged this on insuraati and commented:
    Great Article and advice here

  2. Ali says:

    Great Post , Living responsibly is what distinguishes humans from animals. Only humans can put in place systems, guarantees to care for our loved ones long after we are gone.

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