No one likes to think about what life would be like after they’ve passed away. It’s not a pleasant thought, and the idea of leaving your loved ones behind can be worrying. Sadly, that time will come, so it’s important to think about the welfare of those you care for, and prepare for it while you are alive. If you don’t have the right measures in place, you could put your family through unnecessary distress. However, if you plan ahead and you can continue to take care of your loved ones even after you’re no longer there to do it in person. Here are 4 crucial steps you should take to put things in place:

1. Get a life insurance policy

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Many people are aware of the importance of getting life insurance, but some may have difficulty dealing with the reality of them passing, and don’t get round to choosing a policy. Unfortunately, the event of a person dying without this insurance can be damaging to their family, as money is needed to cover expenses such as hospital bills incurred and funeral costs. In Australia, there are about 22 million active life insurance policies, but despite this much of the population is still underinsured. By purchasing a policy, you can help your family be more financially secure, pay off debts, and have peace of mind as they move on without you.

1. Ensure that you have a valid will

A will is a legal document or deed that spells out your wishes concerning the distribution of your possessions after your death, and it must be valid and up to date. Whether you live alone, are single, married, or divorced, you must have a will – particularly if you have children. Unfortunately, about 52% of Australians die intestate (without a will), thus making it difficult for loved ones surviving them to divide any assets among themselves. Fortunately, there are many law offices like Will HQ that can provide you with qualified solicitors to help you draft your will to prevent such unfortunate events.

1. Take your superannuation seriously

In Australia, the Government encourages its citizens to accrue funds that will be their income source for when they retire. These funds are known as your superannuation. When you pass away, it becomes part of your estate, and you can nominate one or more successors to receive your remaining reserves. 

1. Store your documents safely

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You must store all essential and relevant documents in a secure place, such as in a safe. It’s advised that you inform a trusted person (usually your lawyer or family member) so they know where your documents are kept so they can be easily accessed after you have passed away. 

Many people find joy in providing for their loved ones, and there is a peaceful reassurance that comes with the knowledge that they will be well taken care of if you pass away.  Therefore, by taking out life insurance, validating your will and paying attention to your superannuation, you will have checked the most important boxes in providing for your family after you’re gone.