How can you protect your family’s financial future?

After a year of financial changes for many, we remember the importance of planning our financial futures. Not just for ourselves, but for our families too. As you file your taxes and consider your current financial situation, take a moment to plan ahead. What are ways you can protect your family from future costs and confusion? We’ve compiled a list of tips to help you think through how you can protect your loved ones from unexpected expenses in the future.

We spend so much of our time worrying about our loved ones. Are they happy? Are they safe? Will they be okay when I’m gone? This tax season, rather than spending your time worrying about those you love, take steps to protect their financial futures. Below we have compiled a list of a few ways you can set your family up for financial success and avoid unnecessary costs, even after you are gone.  

Create a living will. When someone we love passes away, it is easy to hold onto things they left behind to find peace. When people neglect to leave wills, it can sometimes lead to arguments and confusion in the family, especially if there are large assets involved. Consider how you would like to divide your estate and make a plan. You may also have items with sentimental value you would like to leave to specific family members — this is a great opportunity to make note of it.  

Make a plan for your estate. One of the most stressful moments for a family after the passing of a loved one is clearing out their home and deciding what to do next. Consider making a plan for how you would like your estate to be handled after your passing. Is there anything you would like donated? Do you have anything special you would like to ensure stays in the family? Take inventory of what is most important to you, so your family can expedite the process, saving time and money later.  

Compile your account information. In today’s day and age, many of our accounts are online. While it can sometimes be difficult for us to remember our account information from time to time, it will be much more difficult for our family members to find access to our accounts after our passing. Make a list of any important usernames and passwords your loved ones may need in the future to access bank statements, cancel any subscriptions, or find necessary information after your passing.  

Organize your funeral arrangements in advance. Planning and paying for your funeral ahead of time is the best way to protect your family from financial hardship once you pass. Most people don’t anticipate the high cost of funeral services, and are caught arranging and paying for expenses services while grieving. By organizing your funeral in advance, you can make sure your final wishes are perfectly understood and fulfilled, so your family won’t have to guess what you would have wanted. It is also a financially sound decision, as funeral costs double every decade or so. By planning ahead, you lock in today’s price and protect your family from the financial and emotional burden of paying for your funeral service once you’re already gone.  

If you are considering planning ahead, you may be wondering how you can get started. It’s easy. Find a local funeral home near you and schedule an appointment. Many funeral homes will allow you to learn about their preplanning options over the phone or via video chat free of charge. Once you’re ready to begin the process, give them a call or inquire about their services online. You can then explore your options at your own pace and consider what is important to you and how you would like to be remembered. 

If you’re interested in planning with a ShareLife provider, we can help you get started with the process. And, if you are a first responder interested in funeral planning, call a local ShareLife provider to learn about our discounted packages to thank you for your service.