You feel shocked as you first hear about your terminal illness diagnosis. You can’t believe that you’re going to die soon. Apart from feeling surprised and sad, you also worry about the people you will leave behind. If you’re the family’s breadwinner, you think that your demise could jeopardize everyone’s financial security. These tips will help you avoid feeling worried even if you know you don’t have much time to live, especially if you take advantage of viatical settlement companies to help sort out your finances while alive.
Inform your children about your savings and investments
Over the years, you made a lot of money from your work. You might even have saved some of it for a rainy day. Now that you’re sick, it’s time for you to consider using your savings for medication and other needs. Inform your kids how they can obtain your savings and investments. You don’t want them to worry about where to get money to pay for your medicines and treatments. You can also tell them not to use your entire savings for your medication and that they should also save some for their future financial needs.
Create a last will document
You don’t want your children to fight about your estate and other assets when you die. Apart from dealing with the emotional trauma due to your death, your kids might end up competing with each other over the division of your assets. You want to make sure that you state the details in your will. Hire a lawyer to validate the document and enforce it once you die. Think of all your assets and don’t leave anything out. You also have to consider the possible taxes your kids will pay.
Sell your life insurance
If you have a life insurance policy, it won’t be useful when you’re dead. The best thing to do is to sell it so that someone else can use the policy. The person can keep paying the premiums and enjoy the benefits. You can consider a viatical settlement for this. The process is stress-free and it allows you to make money out of your life insurance. It’s okay even if the amount is cheaper than the current estimated value of the insurance. The point is that you can get money out of it and give it to your kids.
You can partner with viatical settlement companies to help you go through the process.
Feel assured that you raised your kids well
If you don’t have a lot to leave behind, you can rest assured that you raised your kids well. You taught them fiscal responsibility. You also told them to face challenges along the way without relying on loans. Your lessons will remain valuable to them, and they won’t forget what you taught.
Now that you know your kids will have some financial security once you go, you can feel less worried.