ANSWERS: 1
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A will is the most important thing. That will divide the assests and give last instructions. Both parents should have wills, and have arrangements for the children in case both parents die. Life insurance should be up to date and paid on time, and the beneficiary made to the proper person (wife or trust for kids). Those are the things that should be done no matter what. If the parent is dying of disease (God forbid), then there are many loose ends to tie up: video or letter to loved ones, debts paid as much as possible, wife's name in whatever needs to be.
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