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Modern Estate Planning Blog

Elder Law & Special Needs Planning

Sacramento Probate Attorney Says Life Insurance an ‘Excellent’ Estate Planning Tool

November 1, 2010

As an Sacramento probate attorney, I meet with a number of young families each month who realize they need a will or guardianship nominations to protect their children if something happens to them, but they are have no additional means (or a significant inheritance) that will financially provide for their children in their absence.

I actually find this to be a concern for many young families who simply don’t have large savings accounts, investments or other assets that their children could use for life expenses. To compensate for this, I find many young parents choosing guardians who are financially well off, instead of choosing the people they really want to raise their kids if something tragic happened.

Fortunately as a Sacramento Probate Attorney, I’m able to intervene and help parents choose the guardians they want by shifting the focus to life insurance. For young couples, life insurance can be an excellent estate planning tool to ensure your kids are provided for financially should the unthinkable occur. Not to mention, the earlier you take out a policy in life, the lower your premiums (or payments) are each month. This could allow you to take out a more significant policy at a price point you are easily able to afford.

Specifically, if you should unexpectedly pass away, money from a life insurance policy will provide your family with:

  • Instant liquidity to cover funeral expenses, medical bills or any other immediate payments that must be satisfied following your death
  • The ability to maintain their current lifestyle and cover expenses such as tuition, mortgage payments, etc.
  • Emotional security knowing their needs will be provided for well into the future

Except in the case of someone who has a serious medical condition, a life insurance policy is a smart choice for parents who want to make sure their kids are provided for financially when they are gone.

However, if you feel overwhelmed by the prospect of buying life insurance or aren’t sure where to start as it relates to getting your overall financial house in order should the unthinkable happen, call our Sacramento probate office at (916) 241-9661 for immediate help.

Mention this article and you can come in for one of our Peace of Mind Planning Sessions for free (normally $750–limited to first 10 callers). In that appointment I will personally hold your hand and help you take the steps necessary to make sure your children and family stay protected in your absence. Again, simply call (916) 241-9661 to reserve your spot.

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I was absolutely without a clue as to how to begin or what I should do to establish an estate plan. I did know that I wanted someone I could trust, that was honest and I would have confidence in. I was referred to Heather by my friend who was being legally advised by Heather on another estate. She was very satisfied with her work and thought I might be happy with her service. At our consultation appointment, her presentation was very thorough. I had lots of questions, and she was easy to talk to and was able to guide me to just the kind of estate plan I needed. That was 10 years ago. Due to circumstances in my life, I have had to make changes to my plan, and I always go back to her for her legal services and guidance. I have recommended Heather before.

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