Why Updating Your Estate Plan Matters
Creating or updating your estate plan is an important part of taking control of your finances. When proper plans are in place, you gain peace of mind and security for yourself and your family.
Here are three key questions to ask yourself when reviewing your estate plan.
1. Am I Saving Adequately for Retirement?
The answer varies for every individual. Many financial advisors recommend saving 10 to 15 percent of your pre tax income throughout your working years.
If you have not been saving enough, consider increasing your contributions to your retirement accounts so you stay on track.
2. Are There Sufficient Funds to Support My Spouse and Dependents if I Pass Away?
If the answer is no, you may want to purchase life insurance large enough to replace your income, pay off outstanding debts, cover college tuition for children, handle final expenses, and support major milestones such as a child’s wedding or first car.
Life insurance is one of the simplest ways to make sure your loved ones remain financially secure.
3. Do I Have a Lot of Debt?
If you have substantial debt, your family is not usually personally responsible for paying it after you pass away. However, your estate must pay your creditors before your beneficiaries receive anything.
Life insurance can help in this situation as well. You can purchase enough coverage to pay off your debt or name your spouse, children, or a trust as beneficiaries. This keeps insurance proceeds outside of your estate and transfers them directly to your loved ones.
More Guidance Coming Soon
Stick with us because we will be sharing more information on protecting your assets and planning with your beneficiaries’ needs in mind.
Let Us Help You Secure Your Family’s Future
We would be honored to help you create a personalized estate plan that meets your goals.
