What Role Does Insurance Play in My Estate Planning?

In a story recently covered by a New Jersey 101.5, many couples are thinking about the benefits of having a life insurance plan in place. It makes a great of sense to have a life insurance plan and goal in order to protect your family’s financial future.

If you have a life insurance policy that will help to cover the basic bills if something happens to you or your spouse, you may also have additional questions about whether or not you can get more insurance in order to leave an inheritance behind for your children. It is a worthy goal to factor in how leaving an inheritance for your children can help form a component for an estate plan for you and your spouse.

n order to do this, the first step is to inventory all of the assets that you currently have and consider how you may need them in retirement and whether or not you can instead pass them directly on to your loved ones.

Before you purchase any additional insurance, however, it’s a good idea to meet with a New Jersey estate planning attorney to talk about your options. This allows you to make some projections about where your assets could be in the future as well as what assets you may need for your own individual retirement. If you do decide that insurance is the appropriate way to support you, you may need to decide what type of insurance. For example, term-life insurance is a great way to protect yourself during a specific period of time.

It can be thought of as like renting life insurance. If you have more questions about the estate planning process in New Jersey, reach out to an experienced attorney as soon as possible.