The role of insurance in your estate plan

The role of insurance in your estate plan

Many Americans are dangerously underinsured. Homeowners and drivers have policies because they are required to by law, but there are a number of other areas of insurance coverage which are often overlooked. This is particularly true with estate planning – insurance can be inadequately addressed, or entirely left out, in the midst of making a Will or creating a Living Trust. Each of the below insurance types may have an important role to play in protecting your assets and your estate from current and future risks.

Life insurance. This is one of the best ways to protect your family’s inheritance. If you have children, consider this essential. A policy on one’s life can be surprisingly inexpensive, with many employers and banks or credit unions offering discounted rates. And, considering the large amount of coverage available, life insurance can be a true bargain. An added benefit of such a policy is that it is a non-probate asset – meaning that it is paid directly to your survivors, without the need to go to court.

Renter’s insurance. If you are not a homeowner, your personal property may be at risk. A lot of renters assume that their landlord’s liability policy also covers the renter’s possessions. Unfortunately, if your belongings are lost, stolen, or damaged, you are generally out of luck. Renter’s policies are typically inexpensive and can provide peace of mind.

Insurance for specific items. Be it a movie star’s legs or a rare old guitar, unusual or highly valuable items may deserve their own separate policy. Such items might not be replaceable, but a cash payout for their value can certainly soften the blow to your heirs or beneficiaries.

Health insurance. Although the Affordable Care Act has decreased the number of uninsured patients, there are still many who go without. The costs of major medical needs and hospitalizations can be especially devastating financially without high-quality coverage.  An estate plan can be rendered useless if there is nothing in it to distribute!

Legal insurance. This type of plan is becoming more popular as of late. It is quite similar in many ways to traditional medical insurance – you hope you never need it, but you’re glad when it’s there. Some employers are even starting to offer this as an employment benefit. Take advantage of it if you can.

Finally, default amounts of coverage in your homeowner’s and auto policies are not necessarily adequate for your unique situation. It is worth taking a few minutes to review your coverage limits and exceptions. To ensure that an otherwise well-planned estate is not undermined by a lack of appropriate insurance, contact a qualified attorney or trusted financial advisor.

 

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More than 100% confident in Michael and John. Both have represented me in business law. Never seen anything they can't handle.read more
I love these guys, They do such a good job with all of my legal needs. They handle my business and family law. There strategies are top notch. Well done. And thank you.read more
Ryan Blake and Sherri Strong were so great to work with during my divorce. They were very responsive and understanding of my situation. I would highly reccommend using Hepworth and Associates.read more
My man was Tyler. He did an excellent job for me on all counts, his staff was very prompt to my inquiries. I always felt well taken care. I feel like i gained a friend😎read more
Mike was fast in responding to my situation. So far they have been great to respond to any and all questions. Will update later.read more
I used Micheal to get out of a commercial lease, he saved me $10,000 a month plus help me get money back from a former business partner that strapped me with an additional $42,000 in debt. Thanks Michael Hepworth really appreciate the help.read more
They are the best at what they do, very professional. I haven’t ever felt like just a client, I felt like they actually cared and tried as a great mentor when I was lost, willing to be their and give advice on a friendly level to. And although I wasn’t the easiest to deal with late on payment and keep wanting to hold off, Hepworth was always their on time to deal the best. Give it up for my man Ryan b he’s awsome and very fair. Hepworth is the way to go. Great service is what you can expect.read more
When I started looking for a divorce lawyer I was nervous because I had been married for 20 years (2nd marriage). So I googled inexpensive divorce lawyers and guess what, your law firm came up first. Coincidence? Maybe because I normally would look further but I had a good feeling about this firm. Turns out I was right. Ben Lawrence got in touch with me he listened to my story gave me his advice went over costs and how it worked and I was hooked. He was very intelligent, knowledgeable, and willing to help me the whole way through the process. He was the best person/lawyer I could have ever found. And I went with my gut!! He is the best!!!read more
Hepworth & Associates is amazing!!!! I would recommend them to all of my family and friends. They did a great job at communicating with me through the whole process and made sure my case was handled quickly and professionally. Sonja was very knowledgeable and made me feel at ease through the whole process. She answered all of my questions very quickly and made sure I knew what to expect through the process. I am so grateful I went with Hepworth!read more
I called just to see if anything could be done for my situation. They had an easy form for me to fill out for the attorney to review before deciding if I should come in for a free consultation. It was so easy and the secretary was very professional and kind. Even if I don't have a case, I will definitely be contacting them in the future if the need arises.read more
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I was facing a powerful multibiollion dollar corporation in a law suit! Me Hepworth and his associates did an outstanding job in representing me! I am so pleased with my representation! They kept me informed the entire time! They were sensitive to my concerns! They helped me get a very good settlement!If you want a bulldog attorney on your side, I can’t give you a better recommendation than Michael Hepworth and associates!read more
yes!! they saved me. I was being sued.they were wonderful and quickly got the other party to drop the case that should never have been started. they let us make payments on the lawyer fees. tyread more
This was the first time I have ever experienced any situation were I needed legal help! Mike and John were more help then I ever expected. They answered any and every question the first time even if it was the same question over and over again. I never felt like I was bothering any of them! I would use them in the future and highly recommend this office!!!read more
They were a godsend for me. I had looked for an attorney to help me for several years and they were the best. I won a difficult case dealing with homeowners association.read more
Exceptional staff. Do everything to help you with your case. Would definitely recommend going here for your legal needsread more
Fast response. Willing to answer any and all questions and gets back with you quick. I will be adding more to this review as time goes on.read more
I just wanna say a HUGGEEE thank you to Chelsea and Michael Hepworth in helping me getting my case dismissed!!!!! not only was Michael patient and understood my situation but he also made sure i wasn’t railroaded at the end of the day!! Chelsea did such a great job in gathering my information together and help me with my pay plan! I had to pay excessive fees for my impound fees and was short on funds and she completely understand where i was coming from! i recommend these guys to you not only are they SHARP but they get it down, my case is now dismissed COMPLETELY!! thank you Hepworth & Associates!!!read more
These guys are excellent attorneys and have a great staff! I highly recommend them!
my fiancée had to call there office repeatedly to get the status of my case. My fiancée singlehandedly kept the case from getting dismissed because it had sat carelessly dormant for so long and it was her that had to bring it to there attention. And then, when we suggested a way for them to address the obstacles created by my ex-wife and the careless mishandling of my matter (I suggested filing a Motion to Waive the Requirement for Respondent to Take the Parenting Class), your office responded that it couldn’t be done, when in fact, I knew it could be. I paid a paralegal to draft a motion, forwarded it to you and then your office copied it in and submitted it to the court…then the magic happened. The case was resolved and the divorce was granted. I provided you with the legal fodder to complete the job. I was told my case flat-fee agreement (in flat fee cases , I understand that I will not be billed for phone calls, faxes, court appearances, attorney preparation time, paralegal time, or any other hourly fees for work done by the Firm.) than I got a bill 2 years later for 540.98 said they could not reach me... also never got any final paperwork from them... I also did upfront fee $1,300.00 and now its at collections ... I did turn them in to the Utah State Bar...read more

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