If you have a life insurance policy, it's probably one of the more valuable assets you own. It must be considered when making an estate plan. You may not even have reached retirement age yet - maybe you're just 50 years old, still expecting to survive for decades - but you want to make sure everything is in place. Consider these four tips when you pick a beneficiary.
When you're going through a divorce, there's a lot for you to handle. From establishing a separate household from your former spouse to dividing assets and arranging for custody and support for any marital children, it can be overwhelming. One thing you may not immediately consider while going through a divorce proceedings would be adjusting and updating your last will and estate plan to reflect the dissolution of your marriage. Failing to do so could mean that the wrong parties end up in control of your end of life care or assets, or that your estate ends up stuck in probate.
Having a will in place is one of the most important things you can do for your heirs. A will provides written instructions as to how you want your property distributed after your death. In addition to addressing property division amongst your surviving heirs, a will also appoints an administrator to see to the settling of your final bills and debts as well as handling any tax issues that may arise.
If you worry about probate, you are not alone. The system can be complex and expensive, and the process to settle an estate can be lengthy - something you may not want your children to have to deal with probate after you pass away.