Life is a crazy thing. You never quite know what it will throw at you.
Sometimes it feels like even if you have a plan, everything seems to go in the opposite direction. Although this can be true a lot of the time, having a plan for certain life events should be essential, that way you and your loved ones will know exactly what to do when the situation arises.
Here are five things you need to start preparing for today by creating a plan, and when those crazy curveballs life throws at you come about, you will be grateful you planned.
1. College
Whether it’s for yourself or your children, it is always a good idea to start putting away money for college. Nowadays it’s almost impossible to get through school without the help of student loans.
By planning, you could ease the burden of student debt by saving for schooling so you could pay for most of it out of your pocket. You can even have a special trust or term deposit for the money to make sure it earns upon itself, and there will be more and more each year.
2. Retirement
Retirement is sadly something most of us probably don’t think about until it’s too late, but if you’re not planning on working forever, it’s essential to start planning for that today.
Some of us may already have 401 K’s started and a little bit in a retirement fund. However, if you have no idea how to even get started or what your options are, there are many retirement specialists who can help you know what you can do now and how to plan.
3. House
Many people want to buy a home, but the reality of purchasing a home in this economy is that you need to prepare. You can create a plan of how you are going to build up your credit, save for a downpayment, and even where you want to purchase your house.
You will be happy you planned when your dream home suddenly goes on the market, and you have everything you need to go and get it.
4. Health
Many times, health-scares or health-related incidents come entirely out of the blue. If you don’t have the necessary tools or means, it can devastate you and your bank account.
It’s an excellent idea to have money put aside just for these types of incidents and also make plans should anything serious happen to you or any of your family members.
When or if these things should happen the last thing you will want to worry about is thinking about what you should do next and putting together a plan. So, having one ready will give you comfort and peace of mind.
5. Parents
It’s hard to think about your parents getting old, but they all do as we all will. If possible, it’s best to have a plan together early on to know their wishes on how they want to be taken care of when they can’t necessarily take care of themselves any longer.
You can discuss options like home health for the elderly or if they would prefer to go to a facility that provides round the clock care. Moreso, you will be grateful to know their wishes while they can still articulate them, and that way you won’t be left scrambling when the time comes.
Divorce and remarriage restructure families. Stepparents move in with their new spouses and stepchildren and new households are formed.
While these new familial relationships are undoubtedly strong, they may not be legally significant for purposes of estate planning. Unless there’s a law to the contrary in your jurisdiction, stepchildren often do not have a de-facto claim to their stepparents’ estates.
That means a stepparent must plan for their inheritance. While estate planning is dependent on the laws of each state, you can get a few tips on how to have your estate planned.
