Once your baby is born, it’s a very sobering moment. You're not the most important person anymore, this little bundle of joy is. As a result, you need to get your life in check if you haven’t done so already, and this isn’t just for you, but the fact is that you’ve got someone relying on you to provide for them. Although you might not feel like a parent just yet, it’s time to act like a grown up and put the following wheels in motion.
The younger you are when you get a life insurance policy, the better. As you get older, the more difficult it can be to find a policy that will cover you should the unthinkable happen. There are plenty of price comparison websites for insurance, like lifeinsurancequote.co, that give you some handy hints on what you should be looking for in a policy. If something happens to you, the insurance would pay out, and depending on the policy you got, either your funeral expenses would be covered as a bare minimum, or the payout would cover your outstanding mortgage or debt.
A High-Interest Bank Account
Tackling your finances is a massive task however late in life you leave it, but one simple and effective method is just to put your money into a bank account with a high-interest rate. This is something that we all talk about, but we never do. But when it comes to making the most out of your earnings, if you can get an extra sum of money on top for nothing, then it’s worth doing, especially if that money can help your children buy a car or go to college.
While you might not have any “assets,” such as a home, you would still need to have a will in place so you can state who will distribute the finances for the care of your children. It depends on where you live in the world, but in the USA, a lot of states only give a third of your assets to your significant other and then assign someone appointed by the state to manage your children’s funds until they turn 18.
A Living Will
Also known as an Advance Directive, is what you wish to be done in your best interests at the end of life, and what treatment you would like to have should you be unable to express yourself, for example, if you were on life support. There are plenty of websites that deal with this issue, such as Legalzoom.com where you can get detailed information on how to create one, and at what point it is decided where you cannot make decisions for yourself.
A Guardianship Designation
By dictating who you want to look after your children in the unlikely event of both parents passing away suddenly, you can make sure that your child’s welfare is completely catered for. This needs to be stipulated in the will because without it, there is no guarantee who your children would end up with.