Introduction:As a parent you will certainly transition from this life to the next. More than likely you will do so long before your children (hopefully). The loss of a parent, especially the matriarch, patriarch, or single parent, is not only emotionally difficult on your offspring, but can also be a major financial burden. Put the two together and this particular time in a child or young adult's life can have long-term deleterious effects. Some young adults will rebound from such a tragic time, and others will go into a tailspin. Give yourself peace of mind by following and adhering to the five steps listed below.
Life insurance is a very good way to cover at least 5-10 years for your child's well-being after your passing. You can pay in the range of $25-$50 per month or $400-$500 annually to provide a lump sum payment of $50k to $100k to your children upon your passing.
Mortgage protection life insurance is insurance that is meant to pay off your mortgage in case of your death while the mortgage is not fully paid. A Mortgage Insurance police with a company like ING, American General, and United of Omaha will cost you in the range of $90 to $120 per month. Before you assume the amount is too much please realize that most families who own more than one cell phone pays at least that amount monthly in cell phone bills.
Passwords are extremely important if you do business online and have a PayPal, or any other account. It's critical that you provide access to all pin numbers and passwords associated with your online accounts. This information and even the fact that you plan to do so must be held in strict confidentiality because there are scam artist galore, all over the Internet.
"Reaping what you sow;" "what goes around comes around;" and "doing unto others as you would have them do unto you;" all fall under "The Law of Reciprocity." Don't wait until you're on your death bed to teach your children about this very concrete and immutable universal law.
One of the easiest and least expensive things to do when consulting an attorney is to have a will made up. Without one, whatever you may have, or might have access to online can and will go unclaimed. Also, your other assets will be subject to being seized by the government.
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