23rd Aug 2022
If you do not make an estate plan, you may leave your spouse in a hard spot. I have seen a couple of these specific issues come up recently and wanted to make a short, concentrated post to hit on this point.
You need to prepare documents such as a Durable Power of Attorney, Will, Trust, or even good corporate documents for a family owned business – in order to make your spouse’s life easier down the road. If you want your spouse to take care of:
– you (while alive and maybe temporarily or permanently unable);
– your estate (your property and affairs at death);
– a family business;
why make it hard on them to do so? Get a good plan in place.
Inherit All Your Property
If you die with:
– property in your name; and
– a spouse; and
your spouse will not inherit your entire estate.
Your spouse may not even inherit your entire estate if you die with other heirs like parents still living – depending on the nature of the assets.
Usually when these type of situations occur, it is a hassle and difficulty at best, and a major life problem or family dispute at worst.
There may be planning reasons spouses do not want the other to take all their estate. But this should be a conscious decision backed up with a clear plan. It should not be an unwelcome, unexpected hardship due to lack of planning.
If you want to get serious about a plan to take care of your spouse down the road. Or you want to review an existing plan and see where you stand. Reach out to me directly at CoryHicks@FieldAndHicks.com or any of my contact information on this site.