5 Things To Discuss With Your Spouse Before Planning For A Treasure

If you are married and considering carrying out your estate planning, there are several discussions you should have with your spouse.

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If you and your spouse are considering carrying out your estate planning, we recommend that you discuss the following:

  1. How would you like your money and assets to be handled if one of you dies? Do you want no limits? Are you worried about your partner remarrying and being influenced by your partner? It’s important to know how you want your money to be managed when a spouse dies, especially if you have young children.
  2. If you have young children, who will be their guardians? This is a very difficult discussion to have, but it is better to make this decision than leave it to a probate court.
  3. After your death, where did your money, house, etc. go? you want to go? Do you want to go to family, kids, friends, charity, etc.? And do you want it to be given at once? Or staggered? We usually recommend distributing money to children at a certain age, not all at once.
  4. Who will handle your affairs when you die? You need to appoint someone to be your guardian. This will be the person you name to follow the instructions contained in your housing plan regarding the distribution or other plan you have assigned. This is usually your partner first, then the most responsible person you know.
  5. Who will make decisions for you if you are not capable? Typically, clients appoint their spouse as attorney for health and financial matters. If your partner is crippled or ahead of you, who do you want to be dealing with the problem? It could be the same person, or different people, to handle medical and financial people.

These are some decisions that you should discuss with your partner. We often help our clients navigate these decisions and provide further guidance as we build their documents.

If you are single, you still need to consider the list above before meeting with your estate planning attorney.

Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.

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