Having an emergency fund is standard advice in the personal finance world. No doubt it will fulfill its purpose if something happens to you.
Things your loved ones might use it for:
- Temporary care of your children by emergency contacts
- Important bills and expenses
- Care of your pets
- Compensation for guardians
- End-of-life service
- End-of-life expenses
Make sure your loved ones know when and how to access your emergency fund. There are a few ways this can be done, but pros and cons for each. Proceed cautiously. If you aren’t sure how you can make it accessible to your loved ones, this article breaks it down in a helpful way.