Elements of an Estate Plan
Life Insurance Policies
Regardless of your financial background, having a life insurance policy included in your estate plan is a great way to ensure that your dependents will be supported and if necessary, your long-term needs will be covered.
One benefit of having a life insurance policy as part of your estate plan is being able to pay off any debts or future costs. After you pass, loved ones still have to worry about paying off mortgages, estate taxes, funeral expenses, and much more. Having life insurance will help to pay off these costs easily and not put loved ones in a scramble to pull finances together.
Additionally, life insurance policies can be left as an inheritance for loved ones after you pass. Using life insurance policies as inheritance is a simple way to avoid your beneficiaries having to pay taxes on their share of the proceeds.
Finally, if you ever suffer major injury or illness, all your medical costs will be covered by the life insurance policy, avoiding putting your family in a difficult situation financially.
To learn more about other elements of an estate plan or to get started on creating your own custom estate plan, contact
Pankau Law today!