While employers typically provide life and disability insurance, the amounts are usually not enough to cover a potential loss of income. When you think of life insurance, especially if you have a family, what amount would your family need to maintain financial security? With disability insurance, how much would you need to remain financially secure if something were to happen? Life and disability insurance are intended to replace lost income if something devastating were to occur. With this in mind, you want to consider how far your current coverage would get you or your family in the event it was necessary. Your advisor can help you evaluate your current coverage and how much supplemental coverage you may want to purchase.  

An estate plan is intended to define how you want your assets to pass in the event of your death. With this in mind, an estate plan can be created as soon as you accumulate any assets or have specific wishes you would like followed. Assets can be as simple as a piece of jewelry or as complicated as multiple investment accounts. An estate plan becomes more critical if you are married, have kids, get divorced, buy a house, have health concerns arise, or achieve a significant amount in your investment portfolio that you wish to be distributed in a specific manner. Without an estate plan, your loved ones may not have easy access to your accounts in the event of your passing and may be subject to the probate court process. You also lose the ability to control how your assets are divided in the event of your passing. It is often worthwhile to create an estate plan as soon as you have assets that you wish to transition in a specific manner or family that you want to ensure are taken care of. At minimum, you should ensure your beneficiary information is listed and up to date on all of your accounts on a regular basis and following key life events.