Will & Estate Planning
the documents that protect your family
Life insurance replaces your income. Your will and estate plan determine what happens to everything else. Without both, your family faces court battles, delayed assets, and decisions made by strangers.
2 out of 3 Americans do not have a will (Gallup, 2024). Among parents with children under 18, the number is even higher.
What Happens if You Die Without a Will
"Intestate succession" means dying without a will. It leaves your family's future in the hands of your state government.
Without a Will
- ✗State decides who gets your assets, not you
- ✗A judge appoints a guardian for your children, not who you chose
- ✗Your spouse may not automatically inherit everything
- ✗Probate court process takes 6 to 24 months
- ✗Court fees and legal costs reduce what your family receives
- ✗Life insurance benefits can be delayed or contested
- ✗Business assets may be frozen or dissolved
With a Proper Estate Plan
- ✓Your assets go exactly where you intend
- ✓You name your children's guardian, not a judge
- ✓Your spouse gets what you want them to get
- ✓Probate is minimized or avoided entirely
- ✓Your family receives assets in weeks, not years
- ✓Life insurance pays directly, no court delays
- ✓Your business has a clear succession plan
The 6 Essential Documents
Every adult with dependents, a home, or assets should have all six of these in place.
Last Will & Testament
Names who gets what. Names a guardian for your children. Names an executor to carry out your wishes. Without it, your state's intestacy laws decide, and they rarely match what you actually want.
Healthcare Directive / Living Will
Specifies your medical wishes if you cannot speak for yourself. Tells doctors whether to pursue aggressive treatment, life support, or comfort care. Removes an impossible burden from your family.
Durable Power of Attorney
Names someone to handle your financial affairs if you become incapacitated. Pay your bills, manage accounts, file taxes, all without going to court. Without this, your family needs a court order.
Healthcare Power of Attorney
Names someone to make medical decisions for you if you cannot. Different from a healthcare directive, this names a person, not just guidelines. Often the most critical document.
Beneficiary Designations
Life insurance, 401(k), and IRAs pass by beneficiary designation, NOT by your will. This is the most commonly missed piece. Review these every 2 to 3 years and after major life events.
Revocable Living Trust
Holds your assets during your lifetime and transfers them directly to beneficiaries at death, bypassing probate entirely. Keeps your estate private and speeds up the process significantly.
How Estate Planning Ties to Life Insurance
These two pieces work together. Missing either one creates gaps that can hurt your family.
Life insurance + will = complete protection
Life insurance covers the financial gap immediately. Your will handles how everything else is distributed. You need both. One without the other leaves holes.
Name a contingent beneficiary
Your primary beneficiary on your life insurance policy should be your spouse or children. Always name a contingent (backup) beneficiary in case the primary predeceases you. Without one, the death benefit goes through probate.
Trust as beneficiary for minor children
If your children are under 18, name a trust (not the children directly) as beneficiary. Minor children cannot legally receive large sums. The money would go to a court-appointed guardian until they turn 18.
Review after every major life event
Marriage, divorce, new child, death of a beneficiary, major purchase. Each event should trigger a review of both your will and your insurance beneficiary designations.
Delaware Probate: What You Need to Know
Timeline and Process
- 1.Delaware probate typically takes 6 to 12 months for standard estates.
- 2.Complex or contested estates can extend to 18 to 24 months.
- 3.The Register of Wills in the county where the deceased lived handles probate.
- 4.Delaware has a small estate affidavit process for estates under $30,000, which bypasses formal probate entirely.
Costs and Fees
- $Filing fees range from $50 to $200+ depending on estate size.
- $Executor compensation is typically 1 to 5% of the estate value.
- $Attorney fees for probate average $3,000 to $8,000 in Delaware.
- $A properly funded living trust bypasses probate entirely, saving these costs.
Key fact: Delaware does NOT have a state estate tax (repealed in 2018). However, the federal estate tax exemption is $13.61 million per individual in 2024. For most families, estate tax is not a concern, but proper beneficiary designations and a will are still essential.
This information is general and educational. For life insurance, Delaware follows standard beneficiary designation rules. Consult a licensed Delaware estate attorney for advice specific to your situation.
Ready to Protect Your Family?
Start with life insurance. It is the fastest piece to put in place. Then work with an estate attorney on your will and trust documents.
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