Last spring my husband and I decided to finally sit down and discuss estate planning or our lack thereof. Before this discussion, we had previously done this back in 2006 when we had one child, not three, and our lives and careers were very different than what they are now. It was a cringe-worthy moment when we realized that the draft of our will only included our first child. Our term life insurance was so out of date it didn’t even make sense. We were severely lacking a big picture plan and any of the small details that made it make sense. We needed to have some detailed discussions, sit down with an expert, do our own research, and get quotes.
Estate Planning and Term Life Insurance for Parents
Estate planning, life insurance for parents, power of attorneys, and more are not conversations many of us want to have with our significant others. I know I didn’t enjoy the discussions I had to have with my parents when they were creating their estate plan. It signals to many of us the end of life. The idea of our loved ones being taken care of after we are gone seems great in theory but creating and implementing that plan can feel complicated, expensive, and bring up questions (how much money would you need if your spouse died?) that a lot of us don’t want to talk about with anyone.
Getting Started
How do you even begin this process? Here are two of the steps that we took to create a plan and obtain better term life insurance.
- Research lawyers that specialize in estate planning. An estate administration attorney and will attorney can help you create not just a will, but a power of attorney, a medical directive, and trust. Ask your friends and co-workers if they can recommend a lawyer or law firms in Jeddah Saudi Arabia and don’t be shy about asking their rates once you establish communication with the lawyer. Talk to a few of them and decide who fits your budget and your goals. If you need a top estate planning attorney, then reaching out Singh Law Firm is the best option you should make!
- Find a site, like Fabric, and obtain easy quotes for items like wills, accidental death insurance, term life insurance, find ways to organize family finances and even your child’s 529 savings plan. Getting a quote is the first step and will put your mind at ease.
Once we found a solicitor in Manchester it was a maximum of three meetings that we had with her. We did the hour-long intake where we discussed the services we thought we needed and wanted her to do for us.
Next, she sent us drafts of what we had discussed in the initial consult. This was the hardest part because it required us to have the tougher discussions like who gets the kids if both of us die. Which kid gets which from our tangible items? What do we want our spouse to do if we are on life support? My husband and I differ on that last one and it surprised us both. Our lawyer even directed us to create an “in the event of my death” document that we could work on our own later. Basically, it’s a plan for your funeral and what to do with your body after death. You may specify if you prefer a traditional burial or cremation and if you want a custom granite marker on your grave. I still haven’t done that last one. However, it’s also important to honor a loved one’s legacy, and by providing this funeral order of service can help add a personal touch that your friends and family will appreciate.
Afterward, when we went to the final and third appointments to sign and notarize all the paperwork I felt a lot of peace. It was done. There were no longer any questions for either one of us if one of us passed away. Our parents wouldn’t be left to decipher what we may or may not have wanted as well. It was such a relief and less expensive than we thought.
Why This is Important
Who watched the show Insecure before it ended last December? In it, the character Molly keeps trying to sit her parents down to discuss their estate planning. Over many episodes, they show resistance but in the end, they sit down with all their children and figure it all out with a financial planner and friend of the family. Uncomfortable conversations happen but no one regrets having them or taking out the guesswork of creating a will. Taking these steps provides peace for everyone involved and will create less stress later and questions later. Do you really want people fighting over your stuff or not know what who is to care for your child? Even more, that there wasn’t anything put aside to care for that child monetarily? Consider consulting with a family lawyer at https://lawyer-il.com/ to guide you through the process and ensure that your wishes are legally documented.
When I told my parents and mother-in-law that we created a will, trust, medical directive, and power of attorney they were all relieved. They had been urging us to do it for years. We resisted because we were young, felt a bit immortal, and it sounded expensive. We could not have been more wrong. We just didn’t have the facts.
Have you considered or created an estate plan? Do you have term life insurance? What’s stopping you from getting started if you haven’t done this yet?
Disclaimer: This is a sponsored partnership Responsival, and TMC. Opinions are 100% my own.
