If something happened to me, what would happen to my family?What keeps you up at night? Your kids? Whether the Phillies will win another World Series in your lifetime? General anxiety? Or maybe you’re not sleeping because you’re too busy binge-watching House of Cards. For me, it was money (and, some of those other things). After years of toiling my way up the corporate ladder, I finally earned enough money to stop living paycheck to paycheck. I had some money in my 401k but wasn’t contributing aggressively. I owned a home and I had health insurance. From the outside looking in, I appeared to be an upstanding citizen. But I didn’t have a will, or college savings plans for my young children. I had a life insurance policy, but I had no idea if I had enough coverage, or even how to determine if I had enough coverage. And that’s precisely when it hit me: if something happened to me, what would happen to my family? I didn’t know, and it was time for me to get my shit together and make a plan.
At the Bare Minimum
These are the two basic documents that every man needs. Whether you’re single, married, have kids, or don’t have kids – you need this. This is a gift to the people who settle your estate after you’re gone. They can be as simple or complex as you want, and will ultimately prevent a Game of Thrones-type battle between your surviving relatives over your many kingdoms and gold (read: comic book collection and money you didn’t spend). You can do these on your own, but consult with an attorney if your budget allows.
- Will: Decide who gets your stuff. If you have kids, decide who will take care of them. These are not easy things to think about, but I assure you that you will feel a sense of relief when you’re done. When designing your will, you can and should appoint different people with different responsibilities: executive, financial, medical, guardian – you can even elect a digital power of attorney. Give the choice some thought, and go with the best people to handle these sorts of things. Just because he’s your best friend in the world, if he lives with a cat and only eats ramen…he won’t be able to look after your kids.
- Living Will: This is also known as a health care directive. That means: if you’re in a catastrophic accident, how soon do you want the hospital to pull the plug? While you’re at it, have a conversation with your parents about their finances. You don’t need all the gory details, but find out if they have long-term care insurance. If they don’t, encourage them to get it, and try not to seem so cavalier when you say the words “pull the plug.”