An important part of parenting is taking care of your children’s needs. This includes knowing what they need now and anticipating what could happen in the future. One of the best ways to do so is by creating a financial safety net for them. This way, if anything happens to you, you know that they’ll be taken care of. Here are a few tips to get you started.

Make a Will

A will is a document you create that lets people know your wishes after you die. Unfortunately, 60% of Americans don’t have a will. If you want to make sure that your children will receive your money after you die, make sure you get a will drawn up. This does not need to be a complicated process, especially if you don’t have a lot of assets. So, make an appointment with a lawyer and get your will taken care of. Then you can focus your time and energy on other things.

Build Up Your Savings

The more money you have in savings, the better off your children will be. Try to build up your savings account as much as possible. How much you can do will depend on your personal financial situation, but even a little bit can make a difference. Set up your budget so that it includes a certain amount of money going into an emergency account. This money will gradually grow into something that will be helpful to your child during a financial crisis they might have in the future.

Purchase Life Insurance

If you have children, you need life insurance. Even if you plan to stay around for a long time parenting them, you might not have that opportunity. Many illnesses can hit people unexpectedly. In fact, 15% of people who have diabetes can end up with a foot ulcer. This is a common side effect of diabetes mellitus and can have a severe impact on your health. It is important to be prepared for any health emergency that might come.

If you buy life insurance, you know that they’ll be able to afford their bills at least long enough to get back on their feet after you die. Look into all of your options. There are many different life insurance policies available for all budgets and situations. Buy one that fits your family and make sure that it is kept up to date in the future.

Get Stable Power of Attorney

Setting up a financial safety net for your children means you need to put your wishes into action, no matter what kind of state you are in. By establishing a durable power of attorney, of which there are 1,268,011 practicing U.S. men and women, you can put someone in charge of your financial affairs and medical wishes if you become incapacitated. Choose someone you trust, preferably who understands the work that goes into parenting. They can make sure that your children get the money if you pass away. This does not have to be a difficult process, but it is a necessary one. So, find someone, then set the time to fill out the forms and get everything official. You never know when you’ll need it.

If you have children, you want them to be as secure as possible. While you need to focus on doing that during your life, you also want to set up a financial safety net for them if anything happens to you. These four tips can give you a solid foundation to get that net established. From there, you’ll need to figure out how to build up your nest egg and make things as safe as possible for your children in the future.