Estate planning is an essential tool for ensuring your wishes and assets are taken care of in the aftermath of your passing. Although estate planning may be a challenging topic to discuss with your spouse, it is an important step to take if you want to protect your loved ones. Continue reading for some advice on how to approach this.
Preparing for the Future
Before you start planning your estate, it would be wise to research estate distribution laws for married couples in your jurisdiction. Doing so will help you gather the right documents, so you are more thoroughly prepared.
Here are some of the items you may want to include:
- If you have minor children, you should name a guardian for them. If one of you were to pass away, custody would go to the surviving parent. However, you should also consider the possibility that both of you may pass away unexpectedly, so appoint a legal guardian for them to ensure their care is left to someone you trust.
- Since your children will likely be the main beneficiaries of your estate, you should plan how you want their inheritance to be managed. For example, a testamentary trust will be managed by the executor of your will until your children become adults.
- Talk to your spouse about who you would like to inherit shared assets after both of you pass away. Mirror Wills are separate documents that appear identical except they list one another as their main beneficiary. A Mirror Will usually describes the same distribution plan in case both spouses die. You might also consider setting up a shared Living Trust, which will not only allow your beneficiaries to skip the probate process, but also transfer assets to heirs much more speedily.
Get Started on Your Estate Plan Today by Reaching Out to Our Skilled Legal Team
At Drexler Law, our estate planning team has the knowledge and insight necessary to effectively guide you through the process of creating an estate plan. Backed by more than 100 years of collective legal experience and a history of proven results, you can trust that our team can provide the advice you need to plan for the future.
Reach out to our law firm today at (719) 259-0050 to schedule a consultation with one of our estate planning attorneys to get started.