I am almost 70 years old, and planning for the inevitable. I have a savings account with more than enough to cover my burial expenses,etc. If one of my children is the executor of my estate: 1) do I still need to purchase term life insurance; 2) should I put that person as a joint signee on that particular account; or 3) should I set up a living trust?? Help!!
Carol, a lot of funeral homes offer a pre-payment program for burial expenses. You get to plan your funeral the way you want it and handle all expenses (type of casket, service, etc.). This takes a lot of stress off the family in having to make the decisions and possibly arguing over what should be and what shouldn't be. Then you could bequeath the rest of your money top them without having to purchase life insurance. Term insurance would be a waste of money, in my personal opinion.