While life insurance can provide financial security for children should a parent die, it's important to have a plan in place to manage those funds.
In a recent piece for American Public Media, personal finance expert Chris Farrell received a letter from someone who is not all that keen on relying on another party to manage finances. Farrell noted that while this may be fine in some cases, estate planning should really be left to a professional.
"The issue of what happens to your children and your money if you and your spouse die while your kids are still young is too important to leave unanswered," Farrell wrote. "Don't let your justified skepticism paralyze you into inaction."
To find a lawyer a consumer can be comfortable to handle life insurance and estate planning, Farrell suggested asking friends and family members for recommendations. Once that's done, an interview process can help choose the professional who is right for the situation.
Estate plans and life insurance needs may change over time, especially as the result of major events like marriage, buying a home or having children. Experts recommend people look over their coverage every year as a result.