Insurance can play an important role in estate planning. Auto, home, and liability insurance protect against losses of property in your estate. Life insurance can provide surviving family members with cash for living expenses and for expenses associated with the death. Estates whose principal asset is a small business often need life insurance for co-owners to buy out the deceased's estate or for the deceased to provide an equitable share to heirs who won't be involved in running the business. Life insurance can cause unwanted estate tax consequences if it is not carefully structured.
Estates change over time.
Typically, the value of your estate grows, perhaps pushing you into a higher estate tax bracket. You may have become divorced, or one of your heirs has died, or a host of other changes may have occurred since the plan was first put into place. Estate planning lawyers provide an invaluable service helping people carry out their estate plans, using their training and legal expertise to set up trusts or draft wills. A CFP professional often does the ground work and coordinates your estate plan with the other aspects of your overall financial picture, such as investments, retirement planning, and saving for your children's education. The Certified Financial Planner professional will bring in other professional experts, such as an estate planning lawyer or accountant, when needed.