Archive for March, 2011
Creating an estate plan is an important, lasting act of love and a demonstration of commitment to the new family created by marriage. Our varied approaches to money, inheritance, family and entitlement so often go unspoken, only to seep out in moments of crisis, just when you need to work together as a couple. The act of creating an estate plan requires you to face up to any differences now, so that you can be more certain of working together towards common goals in the future.
Here are some of the ways an estate plan can protect you in the event of marriage:
- A living trust can ensure that your intentions regarding inheritance in a blended family are carried out, no matter which spouse survives.
- Conditioning the receipt of income from a living trust on the requirement that your spouse enters into a pre-nuptial agreement prior to any remarriage after your death strongly encourages your spouse to protect the interests of him/herself and your joint children.
- Keeping your assets in a living trust rather than leaving them directly to your child protects those assets from your child’s estranged spouse in the event of divorce;
- Without an estate plan, the State of California makes the decisions about who will look after your children in the event of your death or incapacity. In the absence of your clearly stated intentions, judges generally have little choice but to leave your children with the closest available blood relative (or even to the foster care system). This may not suit your individual situation. Creating a will or nomination of guardians provides the best possible chance for your children to thrive if you are unable to look after them yourself.
The run up to a wedding is a busy time – people get caught up in the details of the ceremony and celebration which can cost tens of thousands of dollars. The budget for flowers at the average wedding exceeds $2,000. The flowers last one day. An estate plan costs less and can serve your family for generations. That’s a lasting investment.
Please visit busywills.com for more information.
At Busy Wills, Inc., attorney Elizabeth Botsford LLM Tax (Hons) is always mindful that you are busy. Access valuable advice, for an affordable fixed price. Protect your loved ones with an estate plan designed for your unique circumstances. Live every day as though it’s your last. Your loved ones will be glad you did.
© 2011 Busy Wills, Inc. All Rights Reserved
Attorney Advertising: This article has been prepared for general informational purposes only and is not intended as legal advice.