Life Insurance and Estate Planning: What Happens to Your Loved Ones After You’re Gone?


Life Insurance and Estate Planning: What Happens to Your Loved Ones After You're Gone? on

Make a plan that gives you peace of mind.

It’s not a pleasant thought, but planning ahead when it comes to the future of your family is probably one of the most important things you’ll ever do. No matter how old you are, if you have a spouse or significant other, children, and other loved ones who depend on you, making sure that they don’t suffer financially after you’re gone is a priority. And while none of us want to ponder our own passing, these tips will make the process of planning easier. Take a look:

Get life insurance

If you’re thinking that you’re too young to need life insurance, the truth is, when you are just starting out is the probably one of the best times to purchase a policy. Perhaps the most important reason is that if something unexpected does happen to you and you haven’t built up any wealth yet, you can rest assured that your family will be taken care of. And the younger and healthier you are, the lower your premiums will be.

Even if you’ve already built a career, have assets, and are approaching retirement, a life insurance policy will ensure that your family will have the finances necessary to pay for a funeral and other expenses, including the mortgage, utility bills, and basic necessities.

Make a will

Creating a will is another touchy subject for a lot of people. But it is essential to making sure that all of your assets are handled properly and that your family is taken care of after you’re gone. For most folks, drafting a will becomes a priority the moment they have children. And while this is definitely a prime time to think about it, it’s important to keep in mind that if you pass away and don’t have a will, your assets are not automatically given to your family members, whatever your situation. To avoid any hardship for your loved ones, including a long, drawn-out probate process and possible conflicts with others who may feel they have a right to your property, make sure you have a will in place.

Consider a living trust

In certain circumstances, a living trust may be a better alternative to drafting a will. For those who have many assets or have amassed considerable wealth, it is often better to have a living trust because there’s no danger of probate and you can specify how your assets will be distributed to heirs. Another benefit of living trusts is that they are usually kept private, while wills become part of the public record after you die.

Planning for the future, no matter how old you are or the nature of your obligations, will let you live your life with the assurance that your family will be taken care of after you’re gone. If you are looking for guidance on life insurance or any other insurance solutions, get in touch with us today. We will work closely with you to develop a customized plan that suits your needs.