An undeniable truth is that one day you will pass and will probably leave behind people who depend on you. With CA life insurance, you can ensure they have what they need to survive financially. Probate, the legal process that verifies the authenticity of a will, can cause undue burden on the shoulders of your family. The strategies listed below are sometimes used to ensure transfer of ownership upon death and could be worth discussing with your family and financial advisor.
One option you have is establishing a living trust. All property held in a living trust is transferred to a chosen trustee after you pass away instead of being added to your estate. This means you family may be able to get aid quicker, although they may still be held responsible for paying federal estate taxes.
Look into pay-on-death banking accounts. By simply converting your current checking and retirement account to pay-on-death status, your relatives will take possession of them and their contents upon your demise.
Have you considered declaring joint ownership on your property? By putting a home in your name and that of your beneficiary, you can opt to automatically have sole ownership transferred to the remaining owner when you are gone.
The suggestions listed above should not be consider as an alternative to CA life insurance, which is often considered vital for the long-term support of loved ones left behind. Do you have plans in place to help your family financially weather your passing?