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.

Make Decisions

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;

– children;

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

– children;

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.

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