Life insurance can be part of estate planning, but get legal help

On Behalf of | Jun 20, 2013 | Estate Planning |

When you go in to get your estate plan in place, there are several documents you expect to walk away with. Wills are of course the old stand by, and you will also likely execute a financial power of attorney and a medical power of attorney. Trusts are also commonly used. While all these can be extremely important, there are also other considerations that can play a role in a comprehensive estate plan.

One of these is life insurance. Life insurance can help get money to your loved ones as a pay-on-death benefit and can have many advantages in the context of estate planning.

But do you simply want to trust you financial advisor to take care of your life insurance needs? A new survey of financial advisors conducted at the INSITE 2013 conference found that the majority of financial advisors – 52 percent – do not feel good about their attempts to provide life insurance related advice. This 52 percent said they could not describe their advice surrounding life insurance as “successful” or “very successful.”

A financial adviser can offer many services that help you achieve your overall financial goals. But when it comes to life insurance, estate planning considerations, like taxes and desired beneficiaries, have to be taken into account. Getting life insurance is the responsible thing for your loved ones. But, if you do get life insurance, make sure you get the most security for your dollar by consulting an attorney about how life insurance can best be integrated into your estate plan.

Source: Business Wirevia The Motley Fool, More Than Half of Financial Advisors Less Than Successful With Life Insurance, Saybrus Survey Finds, June 18, 2013


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