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Insurance and Estate Planning

Posted 7 years 11 days ago ago by Danielle Streed

When we think about the term “estate planning”, most people automatically think of legal documents like Wills, Trusts and Powers of Attorney.  However, estate planning is not just about the legal documents, it is also about getting your financial affairs in order.  A good example is insurance.  Not just life insurance, but all insurances you may have in place.  For example, when is the last time you located the insurance policies in your house?  Do you know who the beneficiaries are for any life insurance, either individual policies or work policies?  Do any of these policies have cash value?  When is the last time you reviewed your home and car insurance policies? Do you have the coverage you need in the event of a fire, theft or an accident?  Do you have a living trust? If so, is your Trust named as an additional insured on the policy in the event your successor trustee needs to make a claim?  If you set up your estate plan years ago, now is the time to revisit some of these questions.  If you cannot find the answers to these questions or if you don’t know where to find the answers, how do you expect your administrator to find them in the event of your incapacity or death?  If you have never set up an estate plan, that is the first step and along the way, each of these questions can be answered and documents/files can be updated.

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