Year end things to check off to protect your family:
- Do you and your spouse have enough life insurance? This is especially important if you have young kids. If one or both of you pass away, will the survivor and your kids have enough to comfortably get by? If you’re relatively young and in good health, term insurance is cheap. Make sure you have enough. I call it parental malpractice not to have enough.
- Guardians. Have you done a Will to name guardians to raise your kids?
- Have you done a Living Trust or Will for your estate planning? If so, is it up to date?
- Have you reviewed it lately to make sure it does what you want it to do?
- Have you done a Health Care Directive and HIPAA and Durable Power of Attorney? If so, are they up to date?
This stuff is like owning a car. You have to do the periodic tune-ups. If you haven’t even done your estate planning, well . . .