It depends on what sort of assets you may have at the time of your death. Younger individuals often have to fund their estate using life insurance, because that's the way that they can create an asset pool for raising their children if they're not available in order to raise the children themselves. Life insurance is a wonderful tool for that purpose. There are some tricks to that process, and so you really need to meet with a qualified estate planning attorney to make sure that the insurance policy and will are coordinated to make sure the money is, in fact, available for the guardian's use for raising the children.
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Michael L. Cahill is an attorney and certified public accountant providing estate planning, probate and tax services in the St. Petersburg, Seminole, Largo, Clearwater and Florida gulf beach communities.