Friday, May 25, 2007

Protecting the Kids

When you have kids there are things you have to think about that you never would otherwise. Who will get you kids? Will they be protected financially if I die? Will I be a financial burden on my kids when I am older? What about college?

Our oldest is 11 years old and we finally have an official will in place. I know, I know –– stupid move on our part. But dying isn't something you want to think about at any age, let alone in your 20s.

Matt has life insurance from a policy his dad bought each of the kids when they were younger and then he has bought another policy through work. We have finally bought into one on those no exam life insurance policies through his work for me. (So yes I am finally worth something –– ha ha)

We have worked hard to put money back for retirement. Since I have been a freelancer and a SAHM for all but 2 of my years since graduating college, I never had much of a retirement account through work. So it is our responsibility to make sure I have some sort of retirement for when I hit those golden ages.

And college... I shudder the thought of college for 3 kids. Maybe I will let Sam have voice lessons in hopes she is the next American Idol.

Then add on things like cars, proms, weddings...

Do you have a will? Do you have some life insurance, no matter how small? What about retirement? Others? Start today and make sure you have plans in place for your kids. It is never to early.

5 comments:

Jamie said...

Why are you trying to make us depressed? Well yes we have a will..... but I don't think its been updated since having Hannah. We actually do have life insurance policies that have been in place since right after we got married so thats good.

lil ole' me..... said...

We don't have a will in place. That is something we always said we would do once we had children. We do however have modest life insurance policies and retirement funds set up.

Good post. Just like you said, something that people need to think about.

Erin said...

Thanks for the reminder. We keep talking about getting our will done, but forgetting. Not something to forget about. And yes, we have life insurance. That's something I guess. Great post! Depressing, but good.

Tracey said...

We just got our will put into place a few months ago. Because I'm my dad's sole heir and will be getting a sizable inheritance from him in the future (hopefully way, way, way in the future! I love my daddy too much. ) we had to worry about how to handle the money and the kids. They each have trust funds set up now and it was a huge process to get everything set up right so the kids and the money were well protected and their futures were provided for correctly. But, I'm glad we did. It's a huge weight off my mind to know that should something happen, the kids will be well cared for and with loving family.

david santos said...

Day 25 of May. World-wide day of the disappeared children.

THE PLANET

Earth is a place where love cannot endure,
Where death and evil roam, at each lane,
Neither kindness nor children can live secure,
Where those who cause suffering reign.

David Santos