It is worthwhile to start thinking about an estate plan as soon as possible. One aspect of a solid estate plan is an adequate life insurance policy. Although an individual or his or her spouse may have life insurance through an employer, it may not be enough.
Furthermore, an individual should understand what his or her spouse's life insurance policy will cover if that spouse has one. This is an important task even for those who may otherwise let the other spouse take care of the couple's finances. Specifically, it is a good idea to know how much coverage the policy provides, when it expires and how much the premium payments are. In addition, it is also a good idea to know where financial documents are after a spouse passes away.
Writing a will may be a good step to take as part of an estate plan. Individuals who are interested in thorough estate planning may wish to talk to an attorney about the possibility of creating a trust or designating powers of attorney. However, a will is sufficient for those who simply want control over who will manage their estate or who will raise their dependent children.
It is never too early to create an estate plan. Creating wills or trusts may make it easier to help an estate avoid probate or clearly state where assets should go after an individual passes on. An estate-planning attorney might be able to aid an individual in creating an estate plan that applies to his or her wishes.