As a probate and estate planning attorney, I get questions from many of my clients about life insurance. The following link is to an article on Kiplinger that talks about the benefits of life insurance. Life Insurance: Beyond Just Estate Planning It is worth a read. Your estate plan is not complete just because you have a will and medical power of attorney. These, and related documents, are not the entire “plan.” They are a critical component but you should also be setting up other parts of your overall plan. Insurance should be one of those components.
What the article does not venture into is how you should designate beneficiaries while accounting for life’s possible tragedies. Let’s say you name your spouse as the primary and you name your minor children directly as contingent beneficiaries. This is not a good scenario and can lead to additional difficulties if both you and your spouse leave behind minor children. If you are single and you simply name your minor children as beneficiaries, the odds of problems goes up substantially.
Part of my job as an estate-planning attorney is to help you understand probate, how to plan for the distribution of your property through your will, and how to address other assets you own. Your life insurance or other financial assets that allow for beneficiary designations should not be overlooked. Let me help you devise a better and more thorough plan for your estate and for your family.