Affordable Insurance 4U Boca Raton Florida

Why having a Will along with Having Life Insurance is Important at any Age

Almost everyone should have a will, no matter how old you are. Many of our younger population, such as Millennials are making investments for their future. They want the peace of mind that the state won’t drop in and take possession of their property if an unsuspected event should happen. Let’s face it, most deaths are not planned. By having two major preparations in mind such as Life Insurance and a Will, you’re making a conscious decision to be pro-active. Being proactive, allows your family to grieve in succession to healing without the repercussion of bill collectors and probate attorney’s taking what you’ve left behind.

Intestate succession laws don’t follow what the family decides after you’ve passed. By having a will drawn up, your wishes will be carried out. During difficult times, families can easily become the worst of enemies. When you create a will, you can appoint someone in the family to be in charge of who gets what distributed to family, friends, relatives etc.

Debts don’t just go away after someone passes away. Many people assume, they can’t come after you so who cares. That’s not the best form of being proactive. Remember, unless you’ve made plans with your debtors your next of kin can adopt your bills. When purchasing things like cars and homes it’s imperative to know what happens to that property. If no beneficiary information was asked at the time of purchase, do some fact finding and then include in your game plan if there’s a way to distribute money to your debts. This is a good time to find out more about life insurance policies as well.

A guardian to care for young children can be appointed at the time a will is created. Don’t assume that the children can go where they want. If you’re with a partner or life partner marriage or partnership, you’ll want to know that if anything should happen to your spouse the children are not awarded property of the state. If you don’t have this in writing by a legal entity such as a law professional, you could be at risk. Find out more by contacting a lawyer who handles will and trusts.

The difference between a life insurance policy and a will or trust is that life insurance is a contract whereby an insurer agrees to pay a sum of money to the beneficiaries named in the contract upon the death of the person whose life is insured. A will on the other hand, is a legal document that directs the disposition of the deceased's property upon his/her death. Since the Will is written prior to death, the property that is addressed is the property that the maker has.

The problem that we all face is what age is appropriate to have a will? The answer is ‘NOW’! This is no longer the 1950’s where only our parent’s, parents thought about wills and trusts. The other difference is only the wealthy used to have their estates recorded for distribution to family and friends. Now with the younger generation, including Gen Xer’s, people are realizing that this is the best way to take care of your family in the event there should something happen. Protect your family, your assets and your sanity! By having things in place such as a will and a good life insurance policy, you are not only being pro-active, you’ll have a higher well-being by not having to stress about it.

If you or someone you know has more questions regarding life insurance in Boca Raton and Wills, contact our office professionals at Affordable Insurance 4U in Boca at 561-305-4846