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The Ultimate Checklist to Secure the Future for your Family

in Uncategorized on 07/02/14

Worrying about money is a universal experience and one that never ends. When we aren’t concerned about paying current bills, we are looking to the future, wondering whether everything will be okay. The harsh reality is that life is unpredictable and events are out of our control. So, just how do you ensure that your loved ones are cared for, if you aren’t there to look after them? Below you will several tips that aim to reduce those concerns and fears; it’s time to take back control of your life.

Consider Life Insurance

The most common method of securing your family’s future is investing in life insurance. This can provide much-needed support in the untimely event of your passing or your inability to work due to sickness or injury. The first thing you should do is really think about your needs and how much you can actually afford. Then you need to take the time to research the available products on the market, as each one will be different and may not suit your particular situation. If you are still unsure, enlist the help of a qualified financial planner, who can share their years of experience and expertise.

Have a Will

It’s amazing how one single document, such as a will, can transform people’s lives. Even the sheer absence of it can have life-changing consequences for those affected. This is because a will outlines who will receive which of your possessions after your pass away. It speaks for you when you cannot speak for yourself. This legally binding document will not only ensure that your family’s financial future is secure, but it will eliminate the possibility of conflict and confusion. Do yourself and your family a favour: write a will today.

Safely Store all your Important Documents

When you think about it, the average human being accumulates a lot of important and confidential documents over their lifetime. Marriage certificates, wills, insurance policies, birth certificates, contracts and tax returns; the list really does go on and on. Where do you keep all your documents? Are some in a safe? Others with your lawyer? Or maybe you have several documents stored in a safe deposit box at your bank? In order to save your family stress and worry, it is best to keep all these documents in one, highly secure place. Thanks to digital innovators such as Your Digital File, you can securely store your files online and give certain people access to your confidential documents if something happens to you. Technology simplifies life once again. To learn more about this type of

product, check out the company’s website at http://www.yourdigitalfile.com.

Set up a Trust Fund for your Children

While you may think that trust funds are only for the rich and famous, nowadays, more and more people are considering this avenue as a means of providing for their children’s future education. Once you have invested money in a trust, you cannot get it back, meaning that money will only be used as you intended. You can also appoint a trustee to handle the account, as well as dictating that certain stipulations be met before the money is paid out.

Have you started taking the steps to secure your family’s future? Do you have any other suggestions to add to this list? Comment below to share your answers and personal experiences.

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About Powered by Mom

I’m Michelle aka Powered by Mom. I’m married with one daughter, my hubby was my high school sweetheart, our two dogs Luna and Little Zeus and our cat Oliver. As you can see we’re a family of animal lovers. We love to travel when we can, try different food and activities all over the world and enjoy being together. My passions are writing, travelling, creating new recipes, encouraging people to adopt not shop and just to enjoy life while we can.

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Comments

  1. Kamla L. says

    July 7, 2014 at 12:13 PM

    These are all great tips and a reminder of how lax I’ve been. I do need to get these done.

    Reply
  2. Margo Fogg says

    July 3, 2014 at 5:38 PM

    My husband has a will but I do not. I need to rectify that. Thanks for the great article!

    Reply
  3. Christy Anderson says

    July 2, 2014 at 1:04 PM

    Great information and tips to remember to plan financially.

    Reply
  4. jenn huey says

    July 2, 2014 at 11:03 AM

    Great tips, all of which I have yet to do. I do store my documents in a file box but its not locked up in a safe, I don’t have a will, or a trust fund and I’m not getting any younger. You put a bug in my ear.

    Reply

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