That is because the most important estate planning tool for most people does not require a lawyer. And no, I’m not talking about Wills, or Living Trusts, or Powers of Attorney. I’m talking about life insurance.
Blame it on the economy. We are now in the midst of a full-blown recession with almost 10% unemployment. Across the country, retirement accounts have been decimated. Between 1/4 to 1/3 of all homeowners are underwater on their mortgage debt. Many Americans have empty savings accounts and lots of credit card debt.
The point is, having a well-drafted Will or Trust is meaningless if you die with lots of debts but little assets to pass to your loved ones. So, for many families, the most important estate planning tool in this economy is life insurance, with a death benefit large enough to replace the lost income of the family breadwinner. If you have loved ones who are counting on your income for their well being, you owe it to them to ensure that you have adequate life insurance coverage. No lawyer required.
Image credit: Crescent “No Lawyers” Bar and Grill.
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