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Becoming a parent is a huge responsibility. That responsibility doesn’t end, even from beyond the grave. Every parent takes steps to ensure their children would be okay should anything happen. Discussing when you won’t be around anymore isn’t nice, but it’s necessary. It can be reassuring to have relatives who could take care of things. Even so, it’s important to talk things through with your children so they know what would happen. Don’t hide this from your kids, especially as they get older. How can they learn if you don’t teach them? Here are some things you should take time to explain.
YOUR WILL
If you don’t have a will, you should write one. If you do have a will, it’s important to discuss the document with your children. Setting up a will is the best way to help them figure things out after you’ve gone. Bear in mind that it won’t be any good to them if they don’t understand it, or don’t know it exists. Talk them through the contents of your will and make sure they know where it’s kept. Keeping them in the loop will give them much greater understanding of things. Ensure they’re prepared for the worst. Thorough explanation helps avoid confusion or arguments when the time comes. It’s also worth discussing who will be taking care of them should anything happen. No one wants to have such a sombre conversation, but it’s necessary. It will put all your minds at ease.
LIFE INSURANCE
Explaining the value of insurance to your children will help them understand the need for insurance when they get older. It’s essential that they know how important these added policies are. While you’re explaining insurance to them, it may be worth mentioning life insurance. It’s crucial that your children are aware of any life insurance policies you have. That way, they’ll know what they’re owed when it comes time. This will also help them set up their own life insurance policy later in life. Our reference to our life insurance policies can make a real difference later down the line. Learn what your children will receive from your policy after your death so that you can explain it to them. Make sure they know what you pay in and why you do it. Show them phone numbers and who to contact should they need it in the future.
EXPLAIN TO THEM ABOUT ANY TAXES
There are often fees involved in death. Maybe you’ve got savings, or it’s just taxes on your estate that would need paying. It’s important to discuss this with your children too. Make sure they know what they would have to pay, and how to pay it. This knowledge is crucial. Make sure to explain it in terms your children would understand. This conversation may be best left until your kids are a little older and have some understanding of the tax world. Be realistic in how much your kids are going to understand at any given age.
