Hi
We moved to Oz 10yrs back and have young children but no family in the country. Crossed my mind that if something was to happen to the two of us - how can we assure that the future of our children is atleast financially protected assuming they will be taken care of as part of foster care.
Has anyone done anything in this regard - any pointers to start looking into this will be great.
thanks so much.
Since there are no other responses…
You should write a will. A local lawyer will charge a couple of hundred to do it, or there are free options like the public trustee or some charities (although these all come with catches, I think). There are "will kits" for $20 that are DIY, but every lawyer I have ever spoken too says they are a recipe for a dispute as any beneficiary wanting a bigger share will use the amateur status as grounds to challenge it.
You also need some life insurance in case you die before your kids are adults. You likely already have some via your super where it is included by default and not very expensive. This will be paid to your estate if you die, and the will describes what the estate should do with it, like invest for the kids etc.
Be cautious as you approach this subject. Many, many people will try and sell you extra insurance and services and pray upon your fears to make their sale. My best advice with insurance is that you want to insure to take away some of the pain from a disaster, not to get a reward like a lotto win.