Poor Estate Planning
A regular problem we see is the lack of connection between a will and insurance policies in place. It’s common for most people to seek a lawyer and write a basic will. Separately they purchase some insurance policies from an insurance agent or broker, however there is little to no discussion about how these two fields should connect.
The problem is only discovered when someone dies, is ill or incapacitated. If the insurance program doesn’t connect to the estate plan then we have a common situation where the wrong beneficiaries of the estate are receiving proceeds, or family members don’t have financial or medical control.