People in Florida thinking about the future may create a will in order to pass their belongings forward to the next generation. However, creating a will is only a part of making a complete estate plan. As baby boomers begin to age, they may put more attention to the question of how they can plan for the years to come, including their own retirement as well as providing for their loved ones after they are gone. While 42 percent of baby boomers still lack any type of estate plan or even a basic will, many of those who have done some planning have not reviewed their wills in years. As a result, they may have out-of-date documents that do not reflect current laws or their close relationships.
While wills, trusts, powers of attorney and other documents all have a key role to play in transferring wealth, people looking for flexible options may also consider how life insurance can work as part of their estate plan. Baby boomers have accumulated significant wealth: They are the wealthiest generation on record with $30 trillion in assets to manage. Life insurance helps people manage their estates, especially as an insurance payment can provide much-needed access to ready cash.
Life insurance can be used to handle final expenses, including medical bills and funeral costs. In addition, it can help beneficiaries pay for costs that may arise during the probate process or cover estate taxes that may come due before probate is completed.
When people consider how to care for their loved ones for years to come, there are a number of options that may be an important part of a plan. An estate planning attorney may help people develop a comprehensive vision and create key documents to make it a reality.