Life insurance, legal wills, estate planning, these are types of things nobody really wants to think about. Surprisingly the number of people looking beyond today is declining. With the advent of problems today, well not advent, but the increased issues of a present day economy, comes at the cost of planning for tomorrow.
The thing is, when it comes to these elements it's rarely yourself that benefits. In fact, it's your loved ones, usually your spouse or children, that will be adversely affected by poor estate planning. Whether you become a financial burden on children because of your lack of planning for retirement, or you leave your spouse behind with outstanding bills (not including the funeral), it's not you who'll be affected, you'll be in the ground.
Some people falsely assume that children will be safe when it comes to acquiring your assets. That's not true, in fact, despite the fact the state will end up deciding the fate of your assets, or dare I say, where your kids go if you should pass prematurely, can be a long and arduous process.
So do yourself a favour, do'nt be a bad planner, think about the future, and more importantly think about your loved ones. Everyone knows someone who was left with more bad news upon losing a close loved one, don't let that be you.