Legal Law

10 Questions to Ask Yourself and Your Spouse About Estate Planning

Estate planning is something most people don’t like to think about, but it is a fact of life that eventually your estate will have to be liquidated. Without a plan, your spouse and descendants may not be protected. Don’t wait until you’re older, the sooner the better when it comes to estate planning. If you’re newlywed, this is the perfect time to start planning for the future. Use these 10 questions as starting points for you and your new spouse to talk about the future and how to protect your assets and interests.

Do you have a health care directive?

With today’s medical advances, it is possible to sustain life well beyond the point of any hope of recovery. It is imperative that you and your spouse have health care directives in order for your wishes to be carried out. This also frees your spouse from making very difficult decisions at a very stressful time.

Do you have powers of attorney?

You or your spouse may have designated another party, likely a family member, with the option of having power of attorney in case you become ill or are unable to handle your own affairs. You may want to consider switching power of attorney between each other after you’re married. In most states, a spouse does not need a power of attorney, so it is important to consult with an attorney about your state’s laws and statutes.

Do you have wills?

Once you’re married, you’ll probably want to change any existing wills. While it is true that without a will, your spouse can inherit his estate, a will protects you from disputes by any family member who may feel entitled to his estate after his death.

Do you have trusts and if so how are they funded?

After your death, does your spouse have the right to have a trust established for you? Have a lawyer review the trust and establish survivor benefits for you and your spouse.

When have you reviewed the above documents?

Life changes and you should review past documents after a significant life change, such as marriage or the birth of a child. Have a lawyer review your documents periodically to make sure his estate is set up according to your current situation.

Where are your legal documents?

It won’t do your spouse or children any good to have your estate planned if they can’t find the proper documentation. Your spouse and children should know exactly where you keep your will and other legal documents.

Do you have life insurance, retirement plans and annuities? How about long-term care?

Your spouse and children also need to know about any insurance policies, retirement plans, annuities, and whether you have a long-term care policy. They also need to know where supporting documents are stored.

If you have life insurance and retirement plans, what are the survival clauses?

Does your retirement plan allow you to leave any provisions for your surviving spouse and dependents? What is the beneficiary of your life insurance, and who receives the benefits if your spouse dies before you? These can be difficult questions to ask and discuss, but they are important for the future safety of your family and loved ones.

Do you and your spouse know the primary and eventual beneficiaries of each other’s investments?

If you have investments, does each of you know how you will inherit them after you die? You and your spouse must know each other’s primary and contingent beneficiaries.

Where are your online account logins and passwords stored?

It may seem counterproductive to write down the login information for your online accounts, but after you die, your spouse or children may need access to these accounts and, if you don’t have them, any money or investments you have in line can be blocked and can cost substantial legal fees and a significant amount of time to free them.

Nobody likes to think about dying. But if you have a frank discussion with your spouse and plan your estate together, when the time comes, it will be easier for the surviving spouse to take care of business. Estate planning takes time and should be done with the advice of an attorney specializing in estate planning. Don’t leave your family’s future to chance, plan for the future today.

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