Preparing your family for the future
Submitted by Daingerfield1 on
Pamela Lincoln
Cass County Extension Agent Family and Consumer Sciences
If you are the main family wage earner, has this question ever crossed your mind? “What would my family do if I should die?” This is a very scary question, yet, is something each of us must deal with at one time or another.
You can take steps to reduce some of this concern – and you should, even though death is not something we like to think about.
Major steps start with telling the family about family finances – and making sure they know about the location of important papers, properties owned and debts owed.
Here is a check list – both spouses should be able to answer yes to these questions:
Can you both locate copies of last year’s tax returns?
Could each of you support the figures on the return in case of an audit?
Do you both know the kinds and amounts of life insurance your family has?
Do you both know the names of the beneficiaries on these policies?
Do you each have an up-to-date will?
Do you each know the location of the signed copies of each will?
Do you both know the names and addresses of your lawyer, insurance agent, banker or other financial advisers?
Do you have records of each other’s Social Security number? They should be on your tax returns, if you cannot find them anywhere else.
Can you both locate important documents, such as your marriage certificate, family birth certificates, armed services discharge papers, mortgage papers and car titles?
If you answered no to any of these questions, you might need to do some planning.
Find the necessary information or papers. Discuss these with each other and, perhaps, another family member. Take advance steps to eliminate the problems associated with the death of any family member, particularly the wage earners.
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