Did you know that only about 50% of Americans have life insurance? Life insurance is about making sure you have the money to cover your final expenses, and taking care of friends and family when you pass away. But there’s more; life insurance can help with estate planning and the distribution of your assets.
We often think of life insurance simply being about a final payout to your loved ones after you’re gone. But have you really thought about how you can best utilize the money? You can utilize the funds best when your life insurance policy works with your estate plan.
Your estate plan includes more than just a will or trust. It also includes a power of attorney, healthcare directive, life insurance, and other assets that cannot be included in your will, such as retirement benefits.
Here are 3 ways that life insurance can help with estate planning:
As you can see, your life insurance policy is an important part of your estate plan. And if you structure your estate plan wisely, you can continue to financially help your loved ones. Working with an experienced estate planning attorney can help you set up an estate plan specific to you and your family’s needs.
Read Part 2 of this article to learn more about how your life insurance can help with estate planning.
Do you have questions about setting up an estate plan in Illinois? Contact us today at the Estate & Probate Legal Group at 630-864-5835. Our experienced attorneys understand the laws and can advise you on the best options to protect your loved ones.
Areas we serve: Cook, DuPage, Kane, Lake and Will counties.