The Role of Life Insurance Proceeds in Your Estate Plan

When preparing an estate plan, clients are sometimes surprised to learn it is not as easy as giving instructions along the lines of “everything to my spouse then our children.” More often than not, these type of instructions need to be broken down much further. First, we need to talk about the specific assets that comprise “everything.” If this includes life insurance proceeds (the “Proceeds”), we need to consider how this will be dealt with on the policy itself [i.e. how the beneficiary designations are filled out on the forms provided by your life insurance provider (the “Policy Provider”)] and/or in the Will, as the case may be. Second, we need to consider the ages and circumstances of the beneficiaries you are naming. If the primary beneficiary is a spouse or other person that you would want to receive the Proceeds outright (i.e. no special provisions needed as to when they can receive the proceeds) then that person can be…

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