End of life plans are something most people would rather not have to think about. Life, however, is unpredictable and having the peace of mind today that your loved ones will be taken care of tomorrow is too important to put off. It is especially important for couples with previous marriages to engage in the estate planning process as it can be more complicated.
You and your spouse can prepare by communicating openly with both your spouse as well as legal and financial professionals. It is essential that both spouses understand what assets they have, together and separately, and where they are. Further, it is imperative that both spouses know where all important documents are kept. On this same note, spouses should locate titles to all properties.
In addition to locating documents, couples should set up a durable power of attorney for health and finances so that one spouse can make decisions for the other if the circumstances call for it.
In essence, make your estate plan while you’re in good health so that it isn’t something you have to worry about when times are tough.
If you would like to speak with an attorney regarding your estate plans, please contact HoganWillig at (716) 636-7600. HoganWillig is located at 2410 North Forest Road in Amherst, New York 14068, with additional offices in Buffalo, Ellicottville, Lancaster and Lockport.