Preparing for the “What If” – What You Should Do To Keep Your Family Secure

Posted by Lakes, Whyte LLP on January 28th, 2021

Have you ever pictured in your head what will happen if you suddenly leave this earth? What if you suddenly die, leaving behind your children and spouse? More than the grief of losing a loved one, will they be financially alright after your loss?

The truth is, we don’t hold the future. We can only prepare for it but it’s not always guaranteed. And since we don’t know what will happen, it’s important to prepare for it.

Now is the best time to start your “what if” plan. Here are some tips to try:

1. Prepare an emergency binder

If you suddenly die, will your family members know where you keep all your insurance policies? Will they know how to access your bank account? Do they even know your financial records? If not, having an emergency binder helps.

Put everything that they need to know in here. Make a list of your assets that they need to access in the event of your death. You can also put emergency contacts such as the contact number of your insurance company, Vancouver law firms for your will if you have one, work contacts, and many other pertinent information. Update this record as needed.

You can also include a list of your online accounts and passwords so they can access it. Too often, surviving family members weren’t able to access their deceased family member’s account because they don’t know the username and password.

2. Retain the services of law firms in Vancouver for estate planning

You can never be too early when it comes to planning your estate. You don’t need to be a millionaire to benefit from estate planning.

Estate planning is more than just bequeathing your assets to your beneficiaries. It’s about ensuring they get what you want them to get without the usual hassles of the probate process.

Law firms in Vancouver experienced in estate planning can also help you in minimizing estate taxes so that your surviving family members can get the most from it. Make sure you look for reputable Vancouver law firms such as Lakes, Whyte LLP to help you out.

3. Appoint the right people

Talk about it with your spouse and the other adults in the family. It might seem like a morbid topic but it’s good to voice out your plans and your wants so they know what to do in case the unthinkable happens. If there are people you trust who will secure your loved ones, talk to them and include them in your will. You can also start appointing an executor to the will. This is someone who will ensure that the contents of the will are executed.

With these things, you should be prepared for anything that life throws at you.

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Nikolas Lowry is the author of this article. To know more about North Vancouver Wills please visit our website: lakeswhyte.com