By Kristi Ronyak
How many of us spend hours upon hours planning each day? We plan our next projects, transportation to and from work, we plan for weather down to our family vacations. We all put a little effort into planning. Have you thought about a plan for when you pass? My father used to say, “None of us are getting out of this world alive!” The inevitable will happen to all of us one day.
Because of the dangers in the construction industry, we want to make sure that our families are taken care of when we pass, so we need a plan for that, too. Being prepared takes planning, and there’s no better time to start planning for your future and establishing an estate plan than now. Death and life insurance are both sensitive topics that most people don’t want to address until it’s too late. As we all know, accidents and illnesses can happen to anyone at any age.
There are many decisions to be made while planning for death. The choices you make will be clearly written in your Last Will & Testament, a vital document your loved ones will appreciate in your absence. In your Will, you can list specifics regarding trusts or life insurance policies. If you do not have life insurance, consider making this purchase while younger to take advantage of any discounts that may be offered. While many companies offer life insurance policies or death benefits for funeral expenses, others do not. There are several types of life insurance to choose from including term life, universal life and whole life. Some insurances can even be used for tax and retirement planning.
By contacting a professional to guide you, you will save time and money to give yourself peace of mind. Tamra Ksiazek, Vice President of Employee Benefits with Zervos Benefits Group makes a few suggestions.
“Make a list of your assets and wishes. All of this information can easily be written down and set aside in the Living Will until that time comes,” Ksiazek says. “Make an appointment with an Estate Planning attorney, or go online and download a Living Will for yourself. Ask your employer if they offer any type of life insurance. This is a great way to get life insurance at discounted group rates. If you have a financial advisor, ask them if they sell life insurance. Maybe your friends or parents know a trusted life insurance professional, someone who can review your options and see what is best for you and your family.”
Once your plan is in place, there is a relief in knowing your family will be able to focus their time remembering you, rather than worrying about financial issues. Making a plan ahead of your passing may ease some of the burdens your loved ones will face while grieving their loss. All too often at Construction Angels, we see loved ones leave for work and never return home due to a tragic accident. Whatever the circumstances, having a plan in place will put your family at ease and allow them to grieve comfortably.
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