Do you have everything in order? Apart from your finances, your estate needs to be in order, and putting preventative measures in place to look after your family members is something that we need to do as we get older. Apart from the will, there are two other key areas to focus on, life insurance and your estate plan. As we get older, there tends to be plenty of concerns piling upon us. From financial stress to emotional stress, it can be a minefield to try and put things in place to ensure that the people you love are cared for should anything happen to you. When it comes to life insurance, it’s just one of those things that need to be in place, and here’s why:
To Pay For Your Funeral
The cost of a funeral can run into tens of thousands of dollars, and it would be unfair to have you family pay for these costs when they cannot afford it. They would like to give you the send-off you deserve!
It’s Easy To Arrange
Getting quotes on insurance for your life is a very straightforward process now, and you can find a policy that’s suitable in a short space of time, and depending on the cover you are after, you can find a policy that wouldn’t cost huge amounts of money.
To Pay Off Any Outstanding Debts
For common debt like a mortgage, life insurance would pay out to cover the costs which would keep the house in the family and not result in losing the property and any additional equity.
To Take Care Of The Children
If you have young children, you should have cover to make sure they are looked after and can afford to go to college.
An estate plan needs to be something that every person should put in place if they have assets and dependents, and it can be done by meeting with an estate planning attorney and creating one as soon as you can before it’s too late. The reasons to create a plan are as follows:
Avoiding Probate Hassles
To say that it’s a hassle is somewhat of an understatement. If someone passes away, funds locked in probate can be the cause of issues within the family, not to mention the fact that the money isn’t owned by the bequeathed parties. The many horror stories of probate purgatory says one thing, to get an estate plan in place.
Preparing For The Unforeseen
Even if you are of sound mind right now, there may be a point where you could become mentally incapacitated. It is in your best interests to choose a person to be in charge of your assets and who gets what as well as how they will get it and when, it takes a lot of stress out of the equation for many family members.
By choosing a guardian or trustee for minor beneficiaries or protecting adult beneficiaries from their own bad decisions, an estate plan is a legally binding piece of paper that will keep everything in check.
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