While estate planning is sometimes an uncomfortable issue that couples shy away from discussing, the importance of giving loved ones financial security makes preparing one’s estate crucial. USA Today listed some simple ways for couples to begin making plans.
A will is a good starting point as this document lists your wishes upon death and allows you to distribute your assets. This helps couples take care of their children as they can name a legal guardian if necessary and pass along belongings. A will also gives you more control as your estate will be distributed according to the laws in your state otherwise.
You probably need to discuss life insurance with your partner even if one or both of you have a plan from an employer as this may not provide enough coverage. You also need to know what happens to a life insurance policy if you lose your job as you might need new coverage. Consider your current expenses, debts, long-term needs and what additional finances would be necessary if one spouse passed away.
Talk About It
Discussing your wishes with loved ones is a good idea whether you have written instructions or not as families might not think to look at official documents first. This can include little details about a funeral service or special instructions for blended families who may have conflicting ideas, and you and a spouse can write down requests and place them in a convenient location.
You may need help when starting the estate planning process to ensure that everything you want is possible so contact us today.