Whether you have a life insurance plan now or you were planning to get one soon, our estate planning lawyer recommends that you do it sooner rather than later.
When thinking about a life insurance plan, you likely think of it as a means for your family if you were to pass in an unexpected death.
While this is one of the benefits, it is not the only benefit.In fact, life insurance policies are more than just cash when you pass away – they are an essential part to any estate plan.
STOP OVERLOOKING LIFE INSURANCE – GET AN ESTATE PLANNING LAWYER
You never know when you may need a life insurance policy and it is ALWAYS better to have one established and in place as opposed to needing one and being without it.
Below, our estate planning lawyer will discuss some considerations to keep in mind.
1. A life insurance policy is a great idea for young people as they secure their future. The money from the policy can be used to replace lost income should someone unexpectedly pass away. In addition, the money can be used to pay for college, take care of children, or even pay off a car loan or mortgage.
Life insurance that is purchased by someone young is a wonderful way to help secure their family’s future – just in case.
2. Life insurance money can be used to pay off any state or federal estate taxes that may have accrued or been owed by the deceased.
When you pass away, your heirs inherit your debt along with the inheritance. Without a life insurance policy, they will need to pay off the debt first. A good policy will help prevent this from happening and cover any debts owed.
3. You never know what unexpected adventures will come your way in life. If you have re-married, a life insurance policy is a good idea as it can help keep any disputes between your children, ex-spouse, and new spouse away.
One of the many ways that individuals can make the life insurance policy work for them is to name their children as the heir to their assets and place their new spouse as the beneficiary. This way, it is clear, and your wishes are being followed
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