Estate Planning Questions for Couples
More and more people are getting married for the first time later in life. This increases the probability that individuals will come to the marriage with significant amounts of savings, investments, and property. This is when estate planning becomes more urgent. Couples need to address potential issues they may not have ever considered, especially if they assume their partner is on the same page. This article, Estate Planning Questions for Couples, will help provide direction on what couples should take into consideration.
Do you and your spouse see things the same way?
Ask yourself the following questions:
- If you have minor children, who should care for your children in the event of your death?
- Do you believe life insurance is important?
- In the event of your death or disability where you cannot manage your finances, can your significant other manage your affairs?
- In the even of your death, who should raise and care for your children?
- To what extent should property and money left to one another be protected from new spouses and creditors?Should your spouse receive all of your wealth?
- If you are unable to communicate your wishes because you are critically ill, who is the most prepared to to make your end-of-life decisions?
- Should all of your property/wealth be left to your spouse?
- Do you wish to leave any of your wealth/property to children from a previous marriage, aging parents, an important cause, or charity?
- How would you like to leave your property to your spouse, children, or grandchildren (if any)?
- What is your preference in how you leave your property to your spouse, children or grandchildren?Outright with no strings attached? In trust with instructions as to how and when your beneficiaries can use the inheritance?
If you and your spouse are unsure as to how to answer these questions, there is no time like the present to discuss them. If you do, you will be in a better position to successfully finish your estate plan. The next article will address further considerations.
© 2021 Karen Van Den Heuvel Fischer
