Do I really need life insurance?

While this question is better answered by your financial advisor - the short answer is generally yes, if you have others who are financially dependent upon you. In other words, if you died and your spouse and/or kids were relying on your income to stay afloat, then you would need life insurance to cover the shortfall until they can reach financial independence. That is why many people get life insurance policies with a death benefit to replace years of income (and maybe pay off all existing debts plus estimated college/education costs). Once again, this is a question best answered by your financial advisor, but that is the common practice (especially among my younger clients). Of course, if you already have millions in the bank, don’t need the liquidity, and/or have no one financially dependent upon you, then that answer will change.

What is probate?

Probate is the legal process that occurs after an individual passes away. Probate consists of: proving in court that the deceased individual’s Will is valid, identifying and inventorying property, having the property appraised, paying any debts and taxes, and distributing the remaining property as the Will directs.

Completing your estate plan is a great accomplishment, but the fun’s not over yet – now you have to decide where to keep the papers for the rest of your life. Generally, you have three options for safekeeping your estate planning documents: Lawyer’s Office Traditionally, lawyers would keep and store their clients documents since they