Many different documents will form important components of your estate planning but don’t forget about outside opportunities such as life insurance to help you accomplish what you need. Frequently, life insurance or an irrevocable life insurance trust can be used to pass on assets to your loved ones after you pass away.
The ‘set it and forget it’ mentality that many people have about life insurance means that they don’t take full advantage of the opportunity. In fact, this is one of the most overlooked aspects of a person’s retirement and life planning. Make sure that your life insurance is properly aligned with your estate planning goals.
You might forget about achieving the goals that you originally set out to do when you first purchased the policy. Many people fail to incorporate and properly integrate their life insurance policy into their estate planning. For example, you might assume that it is separate from your other assets or have an underperforming and old policy that has higher administrative costs or has lower yields of interest than a current policy would. You might even have a need for an irrevocable life insurance trust or have nonexistent or outdated beneficiary designations. These are all important to consider as you approach the estate planning process.
Ready to set up your meeting to plan ahead? A Pasadena estate planning lawyer can help.
