In my practice over the years, I have learned what to watch for to protect aging relatives.
Estate planning is so important because it legalizes all of the most important decisions you can make regarding your family and property once you are gone as well as how you want to be cared for in an emergency.
Here are the estate planning documents you probably need.
When it comes time for couples to consider estate planning, there are several aspects of it that must be looked at and decided on. Below are 16 points of estate planning that you and your spouse may need to address, depending on your situation.
Preserving the Estate on the Second Death: If a spouse changes their will on a second marriage, it is possible that the children of the first marriage will not get anything. This happens because the first spouse’s children from a prior marriage did not inherit; their parent’s spouse got everything. That person may well remarry and leave everything to their new spouse, not to their stepchildren from a prior marriage. To avoid this problem, communicate, use a marital agreement, use life insurance, consider QTIP trusts.
Life Insurance: You may want to get a life insurance policy to protect your children from a prior marriage, naming them or a trust protecting them if they are minors, as the beneficiary of that policy. This way you protect “yours” from the scenario set forth in No. 1. Continue reading “Yours, Mine & Ours: Estate Planning for Married Couples”