Life Insurance, Wills and Trusts: Are You Protected?

Have you thought about what will happen to your family if you pass on or can no longer support them? It’s not a subject that anyone relishes but one that every breadwinner must examine and find an answer to.

Think about what you have and what they need. Consider life expectancies and large financial needs down the line such as college educations and weddings. You need to make a concrete plan before it’s too late.

Richard Cayne and the team at Meyer International can set up a wealth succession structure, life insurance plan, will or trust to make sure your family is protected. Read on to find out more about each:

Life Insurance

This is Richard Cayne’s straightforward take on life insurance:

“If you don’t have the financial means to look after your family if something happens to you, you should look into life insurance. It’s just being responsible and putting a provisional plan in place. You’ll sleep better at night knowing it’s there.  However, people tend to defer it and just hope that they will be fine. But it’s called insurance for a reason. It is there in case you are not.”

Wills and Estate Planning

Richard Cayne on wills and estate planning:

“Someone needs to be controlling your money. In the event that something happens to you, the question that you need to ask yourself is this: Do you want that control to lie with you or with the government?”

Pretty easy to answer, right?

Not to worry, if you die intestate (without a valid will in place) the government has a will all ready for you: half to the wife, half to the kids in many countries but in some very different rules apply.

If that simple structure isn’t what’s best for you or your family. Then you need to have a will in place.

Trusts

There are many of uses of trusts but the most important is to assist your family in probate court.

Here is Richard Cayne’s take on why you need a trust:

“A trust will help to get around a probate issue or expedite the moving of money to the family. Let’s say your husband dies in a car crash. He’s got a million bucks in the bank. How do you get your hands on it for living expenses, funeral expenses and the like? If he doesn’t have a trust in place, you don’t. At least not quickly.”

“The probate process will have you go through a lengthy legal process to make sure that you are legally entitled to that money. If he has a trust in place, and if he has nominated you as a beneficiary, that process is much much faster and less costly.”

Meyer International can consult on your unique situation and needs for life insurance, wills and trusts. They consult about all manner of important life planning.

Are you ready to talk to a financial planning consultant about your family’s future financial needs? Get in touch with Richard Cayne at Meyer International today to find out how they can help you ensure your family’s future.