Estate Planning 101

Talking Estate Planning with your Partner (how-to)

Jennifer Mcgee

Head of Legal at TrulyWill

If you ask an Estate Planning expert about the right time to make a Will, the answer will be “yesterday”. The golden rule to follow when thinking about a timeline for getting a Will done is that – It’s never too early. However, the decision to make a Will is rarely ever a decision that is taken alone. If you’re here, you may be thinking about the right way to discuss this with your partner.

Pick the right environment

Sit with your partner during a relatively calm and peaceful period of the day. Begin this discussion understanding why it’s not a good idea to wait until a time of crisis to start this process as it may become too late.

Be comfortable with the uncomfortable

It’s not easy to talk about an uncomfortable topic like a Will especially when you’re discussing this with your partner. Nobody wants to imagine a situation where they are not around for their loved ones. Let’s look at it from a different perspective – ask your partner to see this hypothetical future through the lens of your grieving children or loved ones. Think about the mental peace they would have about the family’s assets being legally secure and distributed fairly.

Stress on its importance

While in life it’s always good to look at the positives, sometimes being prepared for the worst. You must have heard the saying, “Life’s too short to learn from your own mistakes”. Talk to your partner about an example of a situation where an estate was handled poorly due to the lack of proper estate planning by a family. It won’t be hard to find such stories on the internet if there aren’t any that are coming to your mind right now that you’ve heard from your social circle.

Discuss your options

While you can always go the traditional route of going to a lawyer, most of us do not have attorneys on speed dial. This usually becomes an overwhelming and expensive process. Consider talking about getting your Will done digitally. The online process will save you a significant amount of money and time. You can read more about making an online Will here.

No matter which option you feel you’re comfortable moving forward with – this is a simple checklist that you can follow as your personal Will making guide.

The Golden Rule!

Remember the golden rule that we spoke about at the beginning? It’s never too early to start Estate Planning. Getting a Will done now will give you peace of mind about the future of your estate. Don’t worry about new additions to your portfolio, we have that covered under Residual Assets (learn more from the checklist above). Ready to take the first step? Drop us a message at hello@trulywill.com