Making ends meet as a single parent is hard work, especially when all you are trying to do is give your child the best.
Always thinking two steps ahead and being innovative is often needed, but how can you continue to do this for your child even when you are no longer around?
Peace of mind knowing they are taken care of
The truth is you would give anything to ensure that your child is taken care of. Imagining a world where they are hungry without a home to live in or protected can give anyone sleepless nights.
Having peace of mind knowing that they will be left in good care no matter what happens needs you to think two steps ahead. Covering all your basis with a legally recognised will can give you a way to ensure that your child(ren) are provided for and protected no matter what happens to you. After all, where there's a will there is a way.
Having the power to choose
Having a will is a way to reduce your anxiety over what will happen to your child(ren) when you die. While you may not be able to control everything in life, a will can give you the security of knowing that you still have some control over how things play out for them.
It gives you the power to choose. You get to decide who receives which asset or investments you have safely stored up. It also gives you the power to choose people who can become their legal guardians. People you trust and know that they will do everything in their power to ensure your child's future is one you intended for them, giving you one less thing to worry about.
You can update it as you go
Life is long. Things change. In five years, a lot of things may have changed. Therefore, having something that keeps up to date with your 'what if' moments is crucial. Whether you have had another addition to your family or have grown your nest egg further and would like to change who receives what, it's a simple process to update.
Even in times where someone you have listed has unfortunately passed away, updating your will is possible. It is also important to review it each year to ensure that it is up to date as the last updated version is what will be used.
The convenience of keeping track
Keeping things running smoothly and keeping track of all the important documents that will benefit your child is kind of like riding a bicycle while balancing spinning plates on a stick on either hand and your head. It may have taken years of practice and mistakes to keep things balanced, but having things scattered all over the place can be a small pebble in the road that can crash the whole system.
The last thing that you want is to have any assets or investments floating around with no one to claim them because no one knows about them. Creating a file that keeps all the documents for any investments, assets or contact details can make it easier for your loved ones. You can also elaborate in terms of who you want to have certain assets or investments. Remember to keep this in a safe place.