In the untimely event of your death would your widow and family be covered in all financial aspects? Imagine she/he has a check from the insurance company and is sitting at the kitchen table. How would they spend the money? Would she want to pay off the mortgage for a feeling of security it would give her? If she has anything left would she set it aside for the children's education? Would she invest the money for income? Where would she invest it and what rate would she get? How much monthly income would that give her?

Organize Your Financial Affairs Do you have an up-to-date will and testament? Often times we put important matters such as these on the back burner because it's unpleasant to think about. However, this is the first thing that should be in place, secure and updated frequently.

Keep all your financial papers in one place and labeled correctly. A good place to start is a comprehensive list of assets, 401(k), stocks, bank accounts, loans, land ownership, etc. If you are the main caretaker of the bills educate your family on how they are done, where they are filed, if they are paper bills or online bills and what part of the income goes where.

How Much Insurance Do You Really Need? You are worth more than you think and your family will need more than you think to keep or maintain a similar lifestyle beyond the debts, mortgage payments and college funds. Read our article on 'Your Need For Insurance' to gain a better understanding on what level of insurance you will need. Click here to use our Insurance Needs Estimator. Prepare and plan for their future, and yours.