Estate Planning 101: Starting The Conversation With Your Spouse
According to the National Council on Aging, the “Widowhood Effect” occurs when the death of one spouse increases the chances of the remaining widow passing away. The Federal Reserve Bank also notes that the death of one spouse tends to trigger a significant decline in household wealth while increasing the chances of insolvency. These factors highlight the benefits of effective estate planning strategies for spouses. A basic conversation about “estate planning 101” could be far more important than many spouses realize, and it is relatively easy to get started with a few simple strategies. Although conversations about death could be challenging for many, an estate planning lawyer in Florida could guide these discussions in a productive manner. Continue broaching this topic with Loughlin Law, P.A. Families across the Sunshine State can reach us at (561) 677-8384.
How to Broach the Topic of Estate Planning 101
A concerned spouse might struggle to broach the topic of estate planning 101. The other spouse might not want to discuss these issues for various reasons. Perhaps they are uncomfortable talking about death, or maybe they feel confident that these financial issues will somehow resolve themselves on their own. Whatever the case may be, spouses who wish to discuss these issues can use various strategies to facilitate productive discussions.
If the couple has children, it may help to highlight the potential benefits of estate planning for young ones. What will happen to the kids if both parents pass away? If one spouse passes away, how will the surviving spouse cover childcare expenses, college tuition, and other expenses? What if one parent becomes physically injured or mentally incapacitated? How will the family cover medical expenses while simultaneously raising the children? When a spouse frames the conversation around the best interests of the children, it may be easier to highlight the seriousness of these issues. Spouses without children might want to stress how estate planning issues make them feel. Remain open-minded. If the other spouse has strong opinions about estate planning, give them time to voice these sentiments.
What if My Spouse and I Disagree on Estate Planning Topics?
When discussing estate planning 101, spouses should be prepared for at least a few disagreements. Estate planning is an incredibly varied topic, and there are many strategies to consider. For example, one spouse might be interested in life insurance while the other spouse may prefer to set up a trust. Probate avoidance may be a key priority for one spouse, while the other might be less concerned about this issue. Whatever the case may be, there is no need to completely end estate planning conversations at the first sign of a disagreement. Instead, spouses should consider compromises and alternative solutions when they reach these impasses. An estate planning lawyer at Loughlin Law, P.A. may be able to help spouses assess potential alternatives.
Consider Starting With the Estate Planning Basics
While spouses might disagree on more complex estate planning options, it is easy to agree on a few basic strategies. A Will is a foundational step when building an estate plan, and both spouses should strongly consider creating one as soon as possible. While there is no law requiring spouses to write Wills, dying without one of these documents can cause considerable issues for surviving family members. Aside from increasing probate costs and complexities, dying without a Will also robs families of control. The laws of “intestate succession” dictate the distribution of assets in this situation, and the family will have no say in who inherits property.
A Will is also one of the easiest and most affordable estate planning steps a spouse can take. Even young spouses can benefit from creating Wills, and older spouses should write their Wills as soon as possible. A simple step like this also makes it easy for spouses to begin estate planning 101 discussions on a positive note. Since everyone can agree on the importance of writing a Will, it is unlikely that these initial steps will lead to much disagreement. With each spouse creating their own Will, this also allows both to exercise a degree of control and autonomy.
Get Started With Advance Directives
Another initial step involves medical decisions. These “advance directives” allow spouses to make important medical choices ahead of time. Alternatively, they can nominate each other as “agents” when creating medical powers of attorney. With this strategy, one spouse will have the legal authority to make medical decisions on behalf of the other in the event of an incapacitating injury or disease. For example, the healthy spouse might decide to remove the injured spouse from life support after a coma-inducing car accident. Even though advance directives are fairly straightforward, spouses can still exert considerable autonomy over their own personal healthcare decisions. For example, one spouse might decide to donate their organs upon death, while the other spouse might not.
Financial powers of attorney may also prove useful for spouses in Florida. Like medical powers of attorney, these estate planning tools give the agent financial decision-making authority when one spouse becomes incapacitated. These financial decisions may involve running family businesses, selling or managing real estate, and overseeing investments. A spouse might benefit from this decision-making authority, especially if they need to sell certain assets to pay for the medical treatment of their incapacitated loved one. However, some spouses might prefer to leave these decisions in the hands of those with more financial experience.
Discuss Estate Planning 101 With Loughlin Law, P.A.
Couples of all walks of life can benefit from a basic conversation about “estate planning 101.” Low-income individuals might not need to worry about complex and high-value assets, but they can prepare for medical emergencies with advance directives and other estate planning tools. On the other hand, high-net-worth spouses may need to consider various strategies that limit tax implications and other financial consequences for their families. While these steps may be more urgent for older spouses, even the youngest couples can benefit from estate planning. For example, a new child can raise new estate planning needs for parents. While couples can begin these conversations without legal assistance, online research alone is not enough for those who wish to implement Wills, trusts, advance directives, and other estate planning strategies in Florida. For a continued conversation about the next steps, consider contacting Loughlin Law, P.A. at (561) 677-8384.
