February and Valentine’s Day go together like peanut butter and bananas. But we often think of the short term when thinking of Valentine’s gifts. You may adore chocolates or flowers, but what about something long-lasting? Protecting your loved ones even after you are gone shows true love. Estate planning for Valentine’s Day can begin with open and thoughtful conversations between you and your loved ones.
Estate Planning For Valentine’s Day
When you realize how you are helping and protecting those you love now and after you are gone, you will understand what a true gift estate planning is. Beginning this conversation with your partner may be difficult, but it can ensure you agree on many important decisions. Some topics of discussion may include:
- Child Guardianship
- If you and the other parent of your children die without a will, do you know who will raise your kids? A will is where you assign guardianship to your minor children. Without a will, the courts will decide who will raise your children, teach them beliefs, and determine their level of education.
- Beneficiary Designations
- This includes your assets, such as the house and vehicle, but beneficiary designations can include more. Who do you want your final life insurance payout to go to? You may wish to update your forms to ensure it’s not your ex!
- Planning for Blended Families
- There are more blended families in America than ever before. And this makes estate planning even more important. You both want to ensure that each other and all children will be cared for after you’re gone. This can include stepchildren and adopted children. Building an estate plan that ensures kids from a prior marriage is important.
- Joint Accounts or Transfer on Death
- If you do not have your loved one listed as a joint owner on bank accounts or your property, you may want to consider the possibility of joint ownership or a Transfer on Death instrument. A TODI states who will immediately receive the assets without the time or hardship of it going through probate court.
See, talking about your estate plan on Valentine’s Day can be a loving conversation! Working with an experienced estate planning attorney can help build a plan that works for your unique situation.
Other Topics To Discuss
Below are links to other topics you may want to discuss with your loved ones:
Oak Brook Estate Planning Attorney
Now that you have discussed it with your loved ones, we can help you write or update your estate plan. Contact us to schedule a consultation with the experienced Estate and Probate Legal Group attorneys. Call us at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties
