Jul 21 2009
Who would care for your children? from Guest Blogger Laurie Giles
The recent death of Michael Jackson there has been great speculation about the future care and custody of his young children. Many parents now wonder what would happen to their children in the event of their death. If a lesson can be drawn from this sad event, it is that parents must plan for the unexpected. 3 steps every parent must take are:
- Have a Will with a guardianship provision included. Decide who will step in and rear the children. Who will they live with? Be sure to choose someone with whom you share like values.
- Include a trust provision in your Will. Determine who will manage the financial and legal aspects of your children’s lives.
- Determine how children’s financial needs will be met. Purchase sufficient life insurance to allow for the continued financial upkeep. Term life insurance policy premiums are generally low cost. Structure your investments in a manner which will allow for an ongoing income stream.
By taking these three steps your children’s future will be protected if the unexpected happens.
Laurie Giles is a speaker, life coach and media personality specializing in helping women survive and flourish through life altering situations. She is the author of the upcoming What Now? series which provides practical advice and guides women through various challenges such as death, illness, estate planning, retirement and divorce.
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