Having life insurance does not eliminate the need to have an overall estate plan. The life insurance should be considered to be one part of the total plan. Through your Will or Trust you will be determining where you assets other than your life insurance will go (i.e. bank accounts, investments, house, etc.). Also, many clients will use a Trust to receive their life insurance proceeds so they can be managed for their minor children beyond age 18. Finally, your life insurance does not appoint who will care for minor children (i.e. guardians) or replace the need for a Durable Power of Attorney or Power of Attorney for Health Care.
