Set It and Forget It – A SAHM’s Guide to Living Will Planning
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No one wants to talk about wills; we get it. But, creating one is extremely important when you have young children who rely on you or your spouse’s income.
What Is a Living Will?
A living will is a legal document that specifies a person’s wants if they were to become incapacitated or unable to make decisions. This might include medical decisions, asset distribution, or parental guardianship.
Why Do I Need a Living Will?
All families should have a living will. This ensures assets are easily handled should something happen to one or both parents. A living will can make navigating an otherwise difficult situation a little more convenient.
For example, some dads are great and may even exceed a mom’s capabilities in some categories. However, they can’t completely replace the maternal role. A living will also won’t replace a mother’s role, but it can help ensure the children receive the next best thing.
Additionally, marriage combines the debt of each person, which may be doable with two parents but less so with just one. A living will helps the surviving spouse manage the debt payments, even if they don’t work. It can also allow the surviving spouse to keep their family in the home or cover childcare costs, which may be important.
Of course, a living will also provides guidance to those who will take on the parenting role. A living will isn’t just about giving away your stuff; it’s also about determining who will care for your children and how. Decide this now and get it out of the way.
Create a Living Will With These Tips
Making a will doesn’t have to be a lengthy, expensive task. Create a living will with the following tips.
Know Your Legal Rights Based on State and Federal Laws
Know your legal rights and how they apply in different situations. For example, if your loved one becomes injured or loses their life while on the job, you and your family may be subject to workers’ compensation benefits to help cover medical bills and other costs. If they are wrongfully injured or lose their life in a car accident, there may be legal options available to help cover the family’s damages.
Workers’ compensation and wrongful death laws vary between states, so discussing your case with a local lawyer is always a good idea. A Chicago wrongful death lawyer, for example, can help those in the Chicago area navigate the loss of a loved one. A wrongful death lawyer helps families determine liability and build a legal case.
Review Life Insurance and Benefit Policies
Reviewing life insurance and benefits policies ahead of time can ensure families know what to expect in the event of an unexpected loss of life. Try to gather the paperwork ahead of time and determine how to access the benefits. Make sure policies are kept up to date, which may include paying a monthly or yearly premium. Be sure to shred any documents after they expire.
Choose a Guardian
Parents want to know that their children are properly cared for if they can no longer do it. This requires choosing a legal guardian, which is the person who will gain custody of your child. Most parents will accept full parental rights if something happens to the other, but couples should also decide who will care for the children if both parents cannot.
Consider who will best care for your children based on parental wants and needs. Think about who your children may be the most comfortable with. It’s important to note that this isn’t always a family member or best friend. Of course, discuss this important responsibility with the person before including them in your legal documents.
Know Where Documents are Stored
It’s also a good idea to make a list of your assets and know how to access them. Make sure the mortgage, car notes, and retirement accounts can be accessed by both parties. Make a shared list of all assets, including logins and passwords. Then, determine what will happen to these assets. Make sure both parent's names are listed on each document, too.
Have a Preferred Lawyer
A lawyer can be a useful resource when creating a living will. They can also be helpful when navigating a wrongful death claim. It’s never too early to research local lawyers, as this can make picking one an easier task. Additionally, a lawyer can help you and your family prepare your living will now.
Will planning should be a priority for parents. If you’re a stay-at-home mom, ensuring you have access to the family’s documents is also a good idea to keep your family protected. For some families, it may even be worth it to consult with a lawyer to ensure your family’s plans are correctly filed.
