When you’re single and ready to create an estate plan, you don’t have to consult with anyone else. You can make every decision, never having to worry about the impact it could have on a spouse.
Conversely, if you’re married, estate planning takes on a different form. Now, you need to consider what’s best for both you and your spouse, and that’s often easier said than done.
While no two people are in the exact same situation, there are some questions every married individual should ask and answer when it comes to estate planning. Here are five that require your attention:
- Do you both have an estate plan that work together in harmony?
- Have you discussed end of life care options with your spouse?
- Do you know who will act as the legal guardian of your children should you both pass away before they reach age 18?
- Do you have plans to leave all your assets behind to your spouse, or is there someone else in your life that you need to include?
- Are your estate plan and retirement plan working together as one?
There are many other questions to address as they relate to estate planning, but this is a good place to start. As you answer these, others will come to light and you can then deal with them accordingly.
When estate planning as a married individual, don’t keep your spouse from the process. Instead, include them in every decision you make, as doing so will allow you to feel better about the future.
Do you have questions or concerns about estate planning with your spouse? Are you hoping to clear the air in the near future as to reduce the likelihood of a mix-up?
If so, contact us for professional guidance and advice. We’ll make sure that you and your spouse have an estate plan that works for the both of you.