No one wants to face the reality of an unexpected death. However, more often than not, death comes before we are ready. A recent article discusses several steps a person can take to ensure that his or her family is cared in the event of the unexpected.
Purchase a Term Life Insurance Policy
A life insurance policy is an important asset to pass on to your heirs. For most families, life insurance policies should be simple, rather than market-linked. When selecting a life insurance policy, try to find a policy that will provide benefits of 12-15 times your family’s annual expenses.
Make a Will
It is also important to make a will in order to designate how you would like your assets to be distributed upon your death. A will does not have to be fancy, nor does it have to be expensive. You could write your will yourself, use software available online, or speak with an estate planning attorney for help in drafting your will.
Review Beneficiary Designations
Finally, it is important to review your beneficiary designations. In the review process, first ensure that you have designated beneficiaries for every account for which you can make a beneficiary designation. Often, people are surprised to realize that they somehow missed a beneficiary designation on a particular account.