8 Things Parents Should Prepare in Case Something Happens
Nobody wants to think about it, but getting your affairs in order isn’t just for older people. In this video, widower and single dad Cory Levine walks through the 8 things every parent should prepare in case they die, and shows how he organized his own plan so his two boys would be taken care of.
- Talk to your loved ones
- Arrange life insurance coverage
- Write a will
- Look into a trust
- Decide who will look after your children
- Know your family’s entitlements
- Plan for funeral costs and your wishes
- Review your accounts and documents regularly
The 8 things, explained
1. Talk to your loved ones
Have the conversation now: who would step in, where your important documents are, and who your key contacts are (attorney, bank, financial professional, doctors). Cory keeps a “croak file,” one folder with mortgage details, accounts, his will and trust paperwork and policy information, and makes sure two trusted people know how to access it.
2. Arrange life insurance coverage
Make sure there’s enough money in place to cover the mortgage, everyday living costs and your kids’ future. A small workplace policy often isn’t enough. See how much coverage your family may need.
3. Write a will
A will spells out how you want things handled, from your home to who raises your children. Without one, those decisions may be left to a court.
4. Look into a trust
A trust can receive assets and life insurance proceeds and manage them for your kids. Cory’s trust uses two people who must agree on major decisions. Learn when a trust should be your life insurance beneficiary.
5. Decide who will look after your children
Choose a guardian, ask them first and put it in writing. Cory also talked with his boys so they know exactly who would take care of them, which gave them peace of mind.
6. Know your family’s entitlements
Your family may be eligible for support after a death, such as Social Security survivor benefits for children. Knowing what’s available helps the people you leave behind plan.
7. Plan for funeral costs and your wishes
Decide on burial or cremation and how it will be paid for. Cory shares that his wife’s cremation cost about $14,000, a real expense families often don’t expect.
8. Review everything regularly
Accounts, cards, mortgages and beneficiaries change. Cory updates his file about every six months so nothing is out of date when it matters.
Related reading
- What happens to your kids if you die? (video)
- How much life insurance does a single parent need?
- What to do when your spouse dies: a week-by-week checklist
Want help getting your plan in place?
Free 15-minute call with a widower and single dad who’s been through it. No pressure.
Cory Levine | The Life Insurance Professionals. Licensed agent located in Boca Raton, FL, serving clients nationwide. Video discussion is based on the article “8 Crucial Things Parents Need to Prepare in Case You Die” from thekidstime.com, used with permission. This page is for educational purposes only and is not financial, tax or legal advice. Talk to an estate planning attorney about wills, trusts and guardianship in your state.
