Important Tips About Your Spouse And Your Estate In The Event Of Your Death
Most couples naturally assume that if one of them dies, the other one will automatically get all the property and assets they had together while married. While this is essentially true, some aspects of yours or your spouse's death could mean big changes in the ownership of the property involved in the marriage. If you and your spouse have not taken the time to plan out your estate, doing so is extremely important to avoid problems later if one of you dies.
The House You Bought Together
Just because your wife or husband was with you when you purchased a home does not mean he or she will get it if you die first. Making sure the home you buy has both of your names on the deed is vital for your spouse to automatically gain ownership if you pass away. If the deed has both of your names on it and one of you passes, probate court will automatically consider the living spouse an heir and the property will go to that person. However, if there is not a will leaving your spouse the home and his or her name is not on the deed, it will be presented in probate court where which heir gets the house will be decided. You should know that if you owe medical bills in some states, the home will be auctioned and the funds given to pay your medical bills. Therefore, making certain you and your spouse plan your estate is essential for him or her to keep the home you shared during your marriage.
The Business You Run Together
When planning your estate, taking a good look at yours and your spouse's business is important. If you both started the business, you should have it in writing that if one of you dies, the surviving spouse will gain complete ownership of the business. Owning your own business is one of the greatest reasons you and your spouse need to have a legal will and engage in estate planning. Your spouse should have no problems gaining control of the business in the event you pass away if it states that in your will. If you worry about your spouse having enough money to run the business after you die, you can get a life insurance policy that will leave enough for him or her to do so. Contact a life insurance agent about the steps you will need to take for taking out a policy.
The Children You Had Together
While planning your estate, you and your spouse can make choices about the property you would like to leave to your kids once both of you have passed. Arranging this together will ensure that each of your wishes are fulfilled and that the surviving spouse won't have to handle the decision on their own later.
Estate planning can be a confusing scenario, especially if you have several assets. Hiring an estate planning attorney to guide you through the legal processes is the best way to go. In this way, you can rest assured your final wishes will be carried out.