I am going to make a confession here. The one place where we have dropped the ball in our family financial planning is in having a will in place. Here we are just having welcomed baby #2 and we do not have one yet. If something were to happen to us right now, our children would be very well taken care off thanks to our life insurance policies but that’s it. We don’t have in writing who we want taking care of our children until they are old enough to take care of themselves.
We have weighted many options and have come up with someone to do it. However I wish we had someone else. And do you know why I feel this way? Mostly because I don’t think the family we want to trust our children with are very good stewards of their money. It’s not that I think they will blow through our children’s funds. There are things we can do to ensure that doesn’t happen. It’s just that the way they lead their financial lives is not the same as we do. However, is not all about finances either. For us it is very important that our children are raised with strong religious beliefs and also that they remain close to the rest of their family. And to ensure that, we couldn’t have chosen a better family than the one we have.
Ultimately I hope my children never have to grow up with another family that’s not us. But life always brings up the unexpected and it’s better to be prepared. I hope that if you have children, and even if you don’t, have been a better planner than we have and have a will to ensure your final wishes are followed through.