What if I already have (or I’m getting) life insurance to care for my family. Why would I need a will or trust too?

If you don’t have a will, the court will decide who settles your estate and raises your children and state law determines who gets your assets – and it may not be who you think. Most people want to make those decisions themselves; don’t you?

Additionally, life insurance may provide the money to provide for your family if you’re not able to, but it doesn’t provide any structure, guidance, or protection against waste or financial abuse. When you use a “plain” beneficiary designation, you lose the ability to provide this protection for you family.

But, a comprehensive estate plan gives you the opportunity to provide safeguards and protection against waste or abuse. Such as determining ages when your children would receive your estate like at ages 25, 30, and 35 rather than all of the money at 18 years old if there was no plan in place. Life insurance can be very helpful component of estate planning, but only when it’s used properly. 

If you need help figuring this out, please contact our office to get started. Now is the time to get this crossed-off your to-do list and get your kids protected.