Dear Dave,
I’ve been listening to your show and following the baby’s steps for about a year. But I’ve recently received some news from family members and I’m not sure what to tell them. One of my cousins just discovered she had cancer. She is a single mom with two children and it sounds like she doesn’t think much about the future. At this point, what are the best steps she can take financially to ensure her family is protected?
Jackie
Dear Jackie,
I’m really sorry to know this. The diagnosis of cancer is a terrible thing, so remember to pray for her and pray for her.
In most cases, when people ask a person if they are organized, they usually refer to some different questions. First of all, are you right to God? So, do you have life insurance and will? Another important thing is to get all the paperwork in your life organized and in a safe place so people you trust can handle the details in the worst case.
Everyone should have good term life insurance. My advice is to develop a policy that is worth 10 to 12 times the annual income. When it comes to a will, make sure it is state-specific. Probate and real estate regulations are not federal laws, they are state laws. Therefore, any intention should be drawn up according to the guidelines of the state in which you live.
I know, this may be the hardest thing to consider, but should be prepared for any minor children. It’s also a good idea to sit down and talk to two or three trusted family members or close friends to decide who will take them away if the worst happens. Who is chosen for this responsibility should be a very mature person who cares and is willing to love and raise these children.
Good luck Jackie. I know this is a tough time for your whole family. Accompany each other, pray a lot, and embrace each other. God bless everyone.
– Dave
