Often, when we think about estate planning, we just think about the people who are getting money and assets: the heirs. The goal is to transfer the estate to them smoothly and efficiently. The plan focuses on the family's well-being for years and even generations to come.
You likely watched the news or saw updates about the recent devastating wildfires in other parts of the country, leading to the complete devastation and ruin of entire communities. Many people in the path of these fires lost everything in their homes in a matter of a few hours, some with little advanced warning. These fires are an excellent example of how unpredictable natural events can be.
End-of-life decisions can be complicated when someone's family members don't agree.
Your parents have passed away, and you are reviewing their will with your siblings to see how they designated that their assets should be divided among you. You note that one significant asset that your parents had was a life insurance policy. However, it's a source of confusion for you.
When doing any type of estate planning and setting up assets for your heirs, make sure that you communicate with them about your wishes and your plans for the future. A lack of communication can lead to some critical errors that may prove very costly.