It’s no wonder estate planning and life insurance go hand-in-hand. They both protect your family financially in the event of your death. If you don’t have life insurance or haven’t planned for the distribution of your estate, your family could face a lot of expenses and confusion after you’re gone. So here’s how to care for them with estate planning and life insurance in Las Vegas.
How Estate Planning Protects Your Family
Estate planning involves creating legal documents that declare how to distribute your estate after you die. Most Las Vegas residents use their assets to benefit loved ones posthumously. You might see this as a simple gift to family or friends, but proper estate planning can protect them too.
First, estate law can get very confusing if you do not have a legal will. The courts will have to follow intestate laws to distribute your estate, and your family may not like the outcome. Many families get into heated and expensive legal battles as a result. By creating a will, you leave no doubt about who gets what.
A will can also designate caregivers for minor children or pets in the event of your untimely death. You know what’s best for them and deserve a say in their future. If you do not make those plans now, the courts must decide who will care for your children or animals without your input.
You might also consider creating a trust. A trust does not go through probate like assets in a will do, so your beneficiaries will get the money from the trust sooner. This is vital if you have family members who depend on you financially. They will also avoid the general headache and expenses of the probate process.
How Life Insurance Helps Las Vegas Families
When you work with an estate planning attorney, the question of life insurance will come up. Life insurance is a financial asset. When you die, your insurance provider will pay out the amount on the policy to your named beneficiaries.
If you do not already have life insurance, your attorney will encourage you to get some. Life insurance in Las Vegas can financially protect your family in several ways:
- Unlike assets like a house or retirement account, an insurance policy gives your family fast, liquid cash.
- Insurance money does not go through probate, giving your dependents vital funds soon after your death.
- With readily available insurance money, your family can cover funeral expenses, outstanding debts, and estate taxes without digging into their own pockets.
- You can use the insurance money to equalize your estate. Suppose one of your beneficiaries wants to keep physical property like your house while others only want the money it is worth. In that case, you can calculate the monetary value of their shares of the house and bequeath that amount from your life insurance and leave the house to the first beneficiary.
Williams Starbuck Is Here to Help With Life Insurance And Estate Planning In Las Vegas
As you can see, estate planning and life insurance in Las Vegas can get confusing. Work with the experienced attorneys at Williams Starbuck to best protect your family. We focus on your goals for estate planning and guide you through the entire process. Get started today contact us at 1-702-660-9847 or send us a message to request a free consultation.