If I Know Tomorrow is the End Will I Sleep Well Tonight
No one wants to dwell on it, but death is an inevitable part of life. Once you plan for its eventuality, you may rest easy with the hope that your family will be taken care of after your death.
Concern for the future can pose several important questions. Will your family be financially secure? Who will take care of minor children if you and your spouse die? How will taxes affect your estate?
To whom you leave your money is a very personal decision, and one of the most difficult steps in the estate planning process is deciding who gets what. When considering possible beneficiaries, perhaps the toughest question involves the division of assets among children. In addition to working through the emotional aspects of family relationships, trying to balance needs and fairness can be difficult. Thinking about your options now, may make life easier for your loved ones.
I can’t imagine leaving a loved one in a state of grief plus having to make gut wrenching decisions on the aftermath of death. Deciding on important financial and life decisions is not the fun part of being an adult, but it is a necessary part. Here are some additional questions to think about. If something happens to you or your loved one would your family be able to carry on financially without missing a beat? Would your family be able to maintain its current standard of living? Would my spouse be upset with me for not ensuring our future due to an untimely death? Would my kids still be able to go to college or private school?