Estate Planning for Married Couples: Tips to Secure Your Future
A comprehensive estate plan can be one of the best ways to provide for your spouse financially in the event of your passing. Yet, many couples fail to take any step toward crafting a plan that protects assets and loved ones. If you feel unsure about your financial preparedness, the following are several ways to help secure yours and your partner’s future through estate planning:
Consider your children
Creating a will is essential for couples with minor children, as it allows you to name a guardian who will provide care for them in your absence. Without a valid will, the state will decide who gains legal custody of your child. Waiting for a court to decide guardianship can be a stressful and troubling experience for children, and yet 70 percent of all adults with minor children don’t have a will. When estate planning, securing your children’s future can be as simple as appointing a guardian in a formalized document.
Know where to find your documents
A recent survey found that 30 percent of married couples with children are unsure of where the family’s important documents are located. Whether you keep your estate planning paperwork in a home safe or with a trusted relative, it’s vital that all appropriate parties know how to access your documents in case of an emergency. Should anything happen to you or your partner, it will be a relief to not have to search through years of records to locate key documents.
Keep the conversation open
Estate planning for couples typically starts with a conversation. Although it may be an uncomfortable topic, it’s essential that you know how your partner would like his or her property, medical decisions and burial requests to be handled. Establishing this in writing can help ensure a loved one’s wishes are met, while alleviating pressure on surviving family members.
If you would like to get started on the estate planning process, consult a knowledgeable Tampa will and trust attorney with BaumannKangas Estate Law.