FAQ Friday: Insurance in relation to estate planning

On Friday, January 24th, Attorney Paula Mattson-Sarli discusses insurance and estate planning.

Insurance has annual or monthly premiums and we may never need it.

We need to make sure insurance is setup in a way that it works for your future.

Whole life insurance is often what is most looked at. Making sure the beneficiary is setup correctly and is often setup to be named in the name of the trust. Life insurance is a large asset.

If our client does a Revocable Living Trust Plan, we advise our clients to inform their homeowner’s insurance and request they add their trust as an additional insured.

This wasn’t really recommended years ago, but with the recent California wildfires there have been stories of losses not being covered because Trusts weren’t named as insured and the homes were placed in Trust. Whether that is true or not, it’s important to cover all your bases and protect your assets.

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