Have You Had This Crucial Conversation?
The ever-changing landscape of life—marriage, births, changes in debt and bank accounts—has undoubtedly impacted your family. But by teaming up with your spouse to clarify your goals, you can protect yourself, your children and your assets. Discuss the following questions with your spouse to make sure you're on the same page:
Key Conversation Points
- Are the names on our bank accounts, property deeds or credit card accounts up-to-date?
- Have we updated our wills and beneficiaries on all policies including life insurance, investment policies and retirement plans to reflect significant life changes?
- When one or both of us dies, how will we distribute our assets to our children?
- When will we review our estate plans with the help of an estate planning attorney?
- Are we planning to make contributions to our favorite charities now or in our wills, or both?
Couples should organize important papers and end-of-life instructions in a binder. These documents include birth certificates, final instructions, advisors' contact information, and financial and estate planning documents, among others.
|Our free organizer tool can help you gather your important information.|
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.