5 Simple Things Parents Should Do for Their Kids

I know that the wheel of life stays very busy for parents.  You never get caught up, running here and there.  However, if you have kids under age 18, make the time to go over these frequently, overlooked items that could make a huge difference in the lives of your children.  Life changes on a dime, so prepare in advance:

Name a Guardian

(1)  I have a Will that names a Guardian for my children.

Beneficiary Designations

(2) My Group Life Insurance and my Term Life Insurance that I own–I have named primary AND contingent beneficiaries.  Remember, you’re trading pennies for dollars, so make sure your family IS WELL TAKEN CARE OF.  They are worth it and they’ll need every bit of it!

(3)  Retirement Plans (401k, 403b, IRA, etc.)– I have named primary AND contingent beneficiaries.

“Just In Case” Backups Are In Place

(4) In case of serious illness or an accident, my spouse or someone I trust, can pay my bills, manage my investments, and make medical decisions for me.  I have located my Durable Power of Attorney and Advance Medical Directive (Health Care Power of Attorney).

–Online Banking and Bill Pay are tools, not solutions–

(5)  Finally, I have named a Trustee to manage AND protect my children’s financial lifeline, so it isn’t squandered or mismanaged.   This individual might not be the same person you appointed as Guardian.  Different roles require different skill sets.

For more information about Wills and Naming a Guardian, Living Trusts, or how to provide protection for your children, give our office a call to set up an appointment at 757-220-8554.

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