Father and kids sitting on wooden dockDOWNLOAD OUR ESSENTIAL DIVORCE GUIDE

Why Breadwinning Dads Need Life Insurance and Estate Planning

Leslie Barrows
 | Published: 
June 15, 2022
 | Category: 

Fathers are traditionally the breadwinners in families and provide the financial support for the family and the best interests of the children, and in protecting the family, dads need life insurance and estate planning. As a breadwinner, a dad is a winner, a diligent worker, and by nature an overcomer of life’s challenges. Providing for and protecting the families we love; dads focus on keeping the family safe and providing what everyone needs.

In many cases, fathers look forward to being there even to support their adult children when something happens, and they need to turn to family. And because smart fathers understand that something could happen to them and their ability to be a breadwinner, they buy the right amount of life insurance and the estate planning necessary to make sure that the family is provided for in the event something happens to dad.

At the Barrows Firm in Southlake, Attorney Leslie Barrows and her team of attorneys and paralegals collaborate with dads who need life insurance and estate planning. Especially before taking an overseas trip, sending a kid off to college, or preparing for a healthcare procedure, smart fathers regularly update their estate planning and life insurance designations.

Father’s Day is a Time to Celebrate Dads and Their Importance as Providers

This Father’s Day, let us all be wise and mature enough to focus on dads and their roles as providers in the family. Not only do fathers provide financial support, but more importantly, they teach their sons and daughters about inner growth and strength.

Earning our daily bread, we are not focusing on money, we must focus on the mind, body, soul, and spirit in our lives. Fathers connecting with their children and being involved in their lives provide boys and girls with what they need to grow.

Money provides safety and security to children who do not need to be concerned with the same while growing up and learning about the beauties of the world and building relationships with families and friends. Fathers as breadwinners providing not only financial but parental bounties should be celebrated. Smart dads are steps ahead in protecting their families and that is why dads need life insurance and estate planning.

University of Texas: 5 Things You Should Know About the Importance of Fathers

What Are the Core Elements of Life Insurance and Estate Planning?

Life insurance is straightforward and the policies and coverage available are unique to the individual and their needs. For example, a father getting a divorce may be required to maintain certain life insurance coverage if ordered by the Court. Otherwise, the amount of insurance is whatever dad, and his financial advisors, recommend providing for the family in the event of dad’s death or incapacity.

The estate planning document list includes a last will and testament, a durable power of attorney, and an advance health care directive.

• The last will and testament include a father’s wishes for the disposition of their assets in the event of their death.

• A durable power of attorney document appoints another person with rights to sign for and transact business on behalf of another when they are not able to make their own decisions because of temporary or permanent incapacity, for example.

• Advance health care directives specify who is to make medical decisions if the principal making the directive is temporarily or permanently incapable of making their own decisions for care.

Dads Who Care Give Gifts for the Future and Teach Kids About Money and Investing

Just as a newborn baby enters the world to smile and get ready for pictures and attention, their dad is having a flash-forward of how much money he and his family are going to have to earn and save for the incredible cost of raising children and preparing them for their success. While it is not a fun gift to open a card on your birthday that references certificates of stock, if that is one of a kid’s birthday gifts, they have a better chance of growing up to learn about and respect money and how hard fathers and mothers work for it.

Teaching children about money and investing is important. They are not going to learn about that in school, and online all they are going to see are get-rich-quick stories and unrealistic expectations about the world. Do something fun with your children. Pick a stock together and both put in some money to buy stock. Watch the stock over time, and talk about things going on in current events that can affect the value of stocks and investments. Talk about learning to be patient and growing your investments. The bonding over money is not about the money, it is about the kid and their dad.

U.S. News: How to Invest for Your Kids and Teach Them About Investing

Young And Invested: 3 Best Ways to Invest $1,000 for a Child’s Future

Dads: Please Update Your Insurance and Estate Planning Documents as Life Allows

It is the easiest thing to forget one or the other of several things one must do to keep one’s house in order. For dads who are starting new jobs, have recently been divorced, or are getting remarried or adopting or having a child, please remember to update your insurance and estate planning. Imagine who the original life insurance beneficiary named in the policy was and whether that still makes sense. It is easy to forget who as well is named as a power of attorney for healthcare, and if it is a former spouse, that might not be ideal.

At the Barrows Firm, dads who need proper life insurance and estate planning will be interviewed and asked all the right questions to determine that nothing gets overlooked and everything is set in stone so dad is an ironclad superhero who can manage any challenge life brings and protect the family with peace of mind.

Dads Get Life Insurance and Estate Planning Updates at the Barrows Firm in Southlake (817) 481-1583