Why do I need an estate plan. Doesn't the law take care of it already??
If you don't have an estate plan, the state government has an estate plan for you, which is called intestacy. If you like the state's estate plan for you, then you don't need to do your own estate plan. In WA, our intestacy statue dictates whom your lawful heirs are – see RCW 11.04.015 . Besides deciding whom will inherit from you, in Washington, if the decedent does not have a Will by which to tell the court to waive bond and non-intervention probate process, the person who wants to administer your estate orderly will be required to post a bond and supervision of the court during the probate process.
Is life insurance important to have?
It depends. If you have accumulated enough assets so that if you were gone your family is taken care of financially, then you may not need life insurance. Otherwise, life insurance is very important. I am a big fan of "term" insurance because the premium is generally very affordable which allows you to continue to accumulate your disposable income as your goal should be to outlive your life insurance.
How much life insurance do I need?
A good approach is to get multiple quotes for term life insurance, and make a decision based on the premium you can afford comfortably and still be able to set aside money for savings or investment.