Money commonly plays a significant role in most relationships. Some Texas residents may be on the same page as far as when to save and when to spend, but other individuals may have differing views on financial habits that could cause conflict on occasion. Because of the potential for contention when it comes to finances, spouses may want to work together when it comes to estate planning.
Though each person may want to create an estate plan of his or her own, spouses may want to discuss their decisions with each other due to the overlap in assets. Their plans may detail what should happen in the event that one spouse dies and what should happen in the event that both individuals die at the same time. Though thinking about these types of scenarios can be emotionally taxing, having these discussions may prevent future issues.
If there are children that could stand to inherit portions of the estate, parents may have many factors to consider. They may want to determine whether each child will receive an equal inheritance or whether the inheritances should be more tailored to each child’s specific needs. Other factors such as multiple marriages and grandchildren could also play roles.
Though talking about estate planning may be hard in the beginning, once the discussion gets going, many Texas residents may find some relief in creating their plans. Knowing that arrangements have been made to settle their estates well ahead of time can often prove comforting. If individuals would like more information on how to create effective estate plans, they may wish to utilize local legal resources.
Source: foreveryoungwny.com, “Where the Money Goes“, Judith A. Rucki, Sept. 1, 2017