When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
A Role for Life Insurance in an Estate Plan
When creating your estate plan, you will not only have to decide how your assets will be distributed, you will also need to make sure that your loved ones are always protected by having enough assets including, perhaps, life insurance. We’ve outlined information below to help you better understand the importance of life insurance. If you have any questions, or if you’d like to make sure that you have enough life insurance coverage, contact a qualified and experienced estate planning … [Read more...]
Insurance and Estate Planning
A complete estate plan involves a variety of tools and options, and no two plans are identical. For many people, insurance is an extremely important part of their plans. There are several different types of insurance you may want to incorporate into your own estate plan, but there are several that are commonly used by many people. Life Insurance There are two basic types of life insurance: term and whole. Term life insurance is something you buy every year. Its costs tend to get higher the … [Read more...]
Why Your Former Spouse May Still Receive Your Life Insurance Benefits
Believe it or not, your former spouse may still receive your life insurance benefits, instead of your current spouse, when you die. Although the idea that someone you divorced years ago might receive your life insurance benefits, instead of the person to whom you are currently married, seems rather nonsensical, the law does not always adhere to common sense. Why does this occur? When a couple gets divorced there are a great many thoughts and turbulent emotions swirling around in one’s head, as … [Read more...]
Do All Estates Have to Go Through Probate?
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...]
What To Do Immediately After the Death of A Family Member
We all hope never to be in this situation, yet it will likely happen to you at some point in your lifetime. You receive a telephone call telling you that a close family member has died. What do you do? There is no way to avoid the emotional reaction that follows the death of a close family member; however, there are also a number of practical and legal things that must take place after a death as well. While each situation is unique, there are some common steps that should follow in most … [Read more...]
Life Insurance's Role in an Estate Plan
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, there are other ways it fits into an estate plan: 1. To pay expenses while an estate is in probate. Since life insurance pays benefits to a named beneficiary, it avoids probate, and therefore the funds can be accessed more quickly than property … [Read more...]
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, life … [Read more...]
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...]
Ways to Avoid Probate (part 2 of 2)
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing to … [Read more...]
