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Life insurance is normally purchased to provide cash for three primary purposes: (1) for income for dependents in case of premature death, (2) for retirement income, and (3) for the payment of estate settlement costs such as debts, claims, lawyers’ fees, and estate taxes. Adequate insurance may prevent a forced sale of business assets on [...]

The choice of an executor is important, because the administration of the estate during probate is placed within his power. His familiarity with the nature of decedent’s family affairs, business, and investments together with his qualifications and experience should be considered. Normally, the courts permit the surviving spouse to be the administrator of the decedent [...]