If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
Life Insurance
What Type of Life Insurance Is Best for Me?
Life insurance can be an integral component of a comprehensive estate plan. The role a life insurance policy plays in your estate plan will determine, to a large extent, which type of insurance you should purchase. Understanding the different types of life insurance policies available is important. Let's look to see which type of life insurance is right for you and your estate plan. Types of Life Insurance While there are some hybrids and variations of the basic types of life … [Read more...] about What Type of Life Insurance Is Best for Me?
Does Life Insurance’s have a Role in an Estate Planning?
Life insurance can be a powerful estate planning tool. There are several roles it can play in easing the burden of your passing on your loved ones. While many consider life insurance to simply be an income replacement when a loved one passes, which, of course it is, there are other ways it fits into an estate plan: 1. To pay expenses while an estate is in probate or a trust is being administered. Since life insurance pays benefits to a named beneficiary, it avoids probate, and … [Read more...] about Does Life Insurance’s have a Role in an Estate Planning?
Should I Include Life Insurance In My Estate Plan?
Advertisements for life insurance policies seem to be everywhere, making most of us wonder whether life insurance is a mandatory addition to any comprehensive estate plan. The truth, however, is that life insurance may, or may not, be appropriate for your own estate plan. Just as with most others components of your estate plan, whether or not you need life insurance depends on your specific situation; however, there are some things that should be taken into account by anyone who is … [Read more...] about Should I Include Life Insurance In My Estate Plan?
Life Insurance–So I Need It?
In America, we insure our homes, vehicles, businesses--some of us even insure our pets. Along with all these types of insurance, we are also all told that we simply cannot be caught “dead” without life insurance. Do you really need life insurance? Is it the best option for you? Only you can make that decision, but there are some things to consider when contemplating the purchase of life insurance. If you are part of a young family with no other means of support in the event of your death, … [Read more...] about Life Insurance–So I Need It?
How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
Although it may be difficult to think about your own death, one of the most important aspects of a comprehensive estate plan for many people is funeral and burial planning. If you are one of those people, you may decide to incorporate an Irrevocable Life Insurance Trust into the funeral and burial component within your estate plan. For those who are new to estate planning, let's examine what an Irrevocable Life Insurance Trust (ILIT) is and when you might need to include one in your estate … [Read more...] about How Does an Irrevocable Life Insurance Trust Fit Into My Estate Plan?
Should I Include Life Insurance In My Estate Plan?
Whether or not to include life insurance in an estate plan is one of the most commonly asked questions. As with all estate planning questions, the answer is unique to each individual; however, there are some things you should take into account when considering the addition of life insurance in your estate plan. Your age and health. Life insurance is less expensive to purchase when you are younger and healthy, meaning you should be able to lock in the best rates. This is also when most people … [Read more...] about Should I Include Life Insurance In My Estate Plan?
Your Estate Plan: Get It Into a Writing or Else
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...] about Your Estate Plan: Get It Into a Writing or Else
Can Life Insurance Be Paid to a Trust?
Life insurance is often an integral part of both financial planning and estate planning. This is particularly true when you are young and just getting started in life. At that time, life insurance can provide the financial security you have yet to establish through working, saving, and investing. Later on in life, however, life insurance may still play an important role in your estate plan as a way to fund a trust. Let's see how life insurance can be paid into a trust. How Does Life Insurance … [Read more...] about Can Life Insurance Be Paid to a Trust?
Do You Need Life Insurance?
Periodically, sit down and reevaluate your need for life insurance. It’s often an essential part of an estate plan. Life insurance can be used to: Replace income Fund a business buy – sell agreement Create an estate Pay federal estate taxes Equalize an estate Provide an inheritance for a child not in the family business General life insurance tips: Only pay premiums that won’t take food off your table. If you are insurance poor, you’ll end up dropping it. Term … [Read more...] about Do You Need Life Insurance?
