Important documents including your wills, trusts and other details make up the vast majority of a person’s life planning goals for their estate. However, don’t forget about that life insurance policy that you’ve had for years. A life insurance policy should be properly integrated with your overall estate planning to ensure that it’s meeting the goals that you set out to accomplish in the beginning.
Many people have the mentality of forgetting about their life insurance policy after it’s already been inactive. However, there are numerous problems that can go wrong that could become bigger conflicts in the event that you have not updated your policy recently. For example, you may have nonexistent or old beneficiary designations on the policy or it is possible that you have an underperforming and old policy that needs to be revised with a new one.
Many people also make the common mistake of believing that their life insurance is totally separate from other assets, meaning that they don’t properly account for this asset in their estate plan and miss out on opportunities to provide for their family. If this applies to you, you need to consult with an experienced estate planning attorney sooner rather than later. Your life insurance should be incorporated into your overall estate plan and should always include your individual needs.
A Georgia estate planning lawyer can help you figure out how these various components fit together to accomplish your estate planning goals.