Estate Planning and Life Insurance
First off, thanks to the whole community for sharing deals and information. I've absolutely benefitted from the collective wisdom of this community.
I apologize if this has been answered in other threads, but I searched and couldn't find quite what I'm looking for.
First, some context.
I'm the head of household in a young family 👪. Now that there are children, I figure it's only wise to have a will, living trust, or other estate planning document drawn up just in case. Obviously, things like who gets custody of the children if both myself and my spouse die, how I'd like to handle being medically unable to make decisions about my own health, etc, would ideally be handled by this document/s. I don't have a complex tax situation. Additionally, if I die I'd want some basic life insurance for both my spouse and I to recover lost income and help the family survive. How money and assets are handled would also be key for this.
So that brings me to two questions:
1) Based on the information I provided, what estate planning vehicle would you recommend? Also, where should I turn and what should I look for when getting it done? I'm not opposed to spending some money if that's what it takes to get the job done.
2) How do I find the most affordable term life insurance from a reputable company? Any ways to achieve lower premiums?
Thank you again for reading my long winded questions. There's lots I don't know so any and all feedback is greatly appreciated.