Estate Planning - Leaving a Legacy for your Loved Ones Part 3 - By Natricia Edwards

 


Your first step should be to get a will.  There are websites you can visit to obtain a will for a fee.  Another option is www.freewill.com.  This website allows you to draft a simple will for free.  You can take the will to a notary (located at banks, libraries, or, if you are in the military, a legal office). If you use the freewill.com website, remember that you need to have it notarized and signed by several witnesses before it can be considered legal. 


Your next step should be to get term life insurance. There are several types of life insurance. I will discuss the other types in the next article and why you should avoid them. A lot of people have insurance from their jobs. Having insurance while you are working at your job is a good thing. Many companies offer very affordable insurance policies. However, you should not rely on their insurance alone.  You need your own personal insurance policy, so that in the event that you are offered another job, or you lose your current job, your family is still protected if something were to happen to you.  




How do you know how much insurance to get?  Chris Hogan recommends that you take your annual salary and multiply that amount times 10-12 to determine the amount that you will need for your loved ones.

So, when do you Not need to worry about life insurance? If you are self-insured, you don't need to worry about having life insurance for your loved ones. If you have millionS of dollars to spare it is possible that you do not need life insurance.  However, there are some millionaireS who still have policies for their families. It does not hurt to err on the side of caution and have a policy or several policies in place.  


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