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Talking Estate Planning with your partner (how-to)

Talking Estate Planning with your partner (how-to)

By 

Jennifer Mcgee

·

Updated on  

November 22, 2022
·

4 mins

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If you ask an Estate Planning expert about the right time to make a Last Will and Testament, 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

Why should you create a Last Will and Testament? 

A legal last will would protect your loved ones and let them know about your wishes when you pass away. It's a simple legal instrument that can make your family's life easier. Here's why you should have it:

  • You can decide who will get what from your estate. It would entirely be your decision. 
  • Your family won't have to go through uncertainties about the probate process and deciding who gets what.
  • You could decide who would be your minor children's guardian.
  • You can appoint your executor in the Will, who would overlook the entire distribution process.

However, the decision to make a Last Will and Testament is rarely a decision taken alone. If you're here, you may be thinking about the right way to discuss estate planning 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. They might know someone who has experienced it, or you can give them hypotheticals about what things could happen if you pass away without a will. Express why estate planning is essential and why you should create your will now.

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. 

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). 

You should create an online last will and testament now to ensure ease for your partner and family.

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“Should have done this before, had made it up to be really hard in my head. This was super easy!”

Frequently Asked Questions

Can I leave or donate my estate to an organization or charity?

You can leave all your assets to a charity organization. The court would follow your wishes and provide the organization with everything. However, consult an attorney to avoid any problems.

Can I decide who would look after my minor children in my will?

Yes, you should name a person as the guardian of your children in your will. It would help avoid any hassles, and they could look after your kids after you pass away.

Do I need a lawyer to make my last will and testament?

There's generally no need to get a lawyer to make your will. You could use an online platform and easily make it within minutes. Only some special cases, like complex family relations, may require you to consult an attorney.

What would happen to my estate if I had no immediate family?

If you create a will before you pass away, your estate will go to the beneficiaries you've mentioned. However, if you die without a will, it could go to your extended family or even the state if there are no relatives.

What would it cost me to make a will?

Depending on your location and estate, the cost varies between $500 to $1000 if you hire a lawyer. However, you can use the TrulyWill platform to create a legal and valid will at a fraction of this price.
Jennifer Mcgee
Parent to five young children. Expert in Estate Planning, Probate, and Family Law Matters. Volunteer with Victim’s Advocates in the local sheriff's department...
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Got Questions?

Hi, I’m Jennifer McGee.

Co-founder & Head of Legal at TrulyWill

Feel free to book a call with me to help you with your estate plan.

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