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Basic estate planning for Florida families

A study by NerdWallet determined that approximately one in three couples does not have life insurance, and nearly half of people surveyed said that they would not be financially prepared for losing a spouse. It is important that couples have life insurance, have an appropriate amount of insurance and are aware of exactly what is in their policy.

Just because someone has life insurance, it does not mean that they are prepared for their spouse to pass away. Families need to be sure that they are provided for, which involves ensuring that people will be able to pay for a mortgage, child care and tuition, so they need to tailor their life insurance so that it can cover these costs.

It is also important that each spouse understands how life insurance policies work and the company that provides them. NerdWallet found that 42 percent of couples without children were unaware of the details of their life insurance plans. People are urged to know how much their policies cover, what it costs and the length of the term, if it is term life insurance. If someone has term life insurance, they should also know at what point it can be converted to a permanent life insurance policy if they decide to change the policy type.

The type of estate planning documents that someone needs will frequently depend on their situation. Some people may need trusts and powers of attorney while another person may be able to get by with just a will. A lawyer could help someone determine the best way to set up their estate and draft the appropriate documents for them.

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