Thinking about the death of a partner or spouse is never pleasant and people naturally avoid the discussion all together. Beginning the discussion of handling financial issues once a loss has occurred is even more difficult to do. From being “too young” to not having “enough money”, excuses range significantly as to why people avoid early estate planning. Unfortunately, neglecting to plan in advance leaves grieving loved ones with a confusing mess and only adds stress to an already horrible time. As such, it is never too early to begin your estate planning, regardless of how much money you may or may not have.
First and foremost, you and your partner must start the discussion by determining both joint and individual assets and where they are located. Things like life insurance policies, retirement plans, and beneficiaries must be discussed at length and understood by both parties. Then, we recommend meeting with a trustworthy estate planning lawyer to establish a power of attorney for finances and health care. Each spouse should obtain their own separate document outlining these plans and they should be signed. In doing so, you will alleviate the guesswork should you or your loved one be unable to make financial or medical decisions.
Going through an emotional hardship like losing a loved one is incredibly taxing and removing the stress of estate organization is imperative. The Census Bureau reports that 800,000 people in American lose their spouse each year. It is never too early to begin the process of being prepared. The Law Office of Brenda Murzyn, P.C. provides sophisticated and personal estate planning and probate services to all clients, regardless of the size of their holdings. Our experienced staff are committed to providing the individualized services and timely response and follow-up that are essential to meeting each client’s personal needs. Call us today and protect you and your family in the future!
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