As a Brandon will lawyer, I’ve seen a lot of cases in a marriage where one spouse is more eager to start the estate planning process than the other. There are many reasons why this is true: perhaps one is more of an organizer and wants the peace of mind of having their affairs completely in order. Maybe one has seen the ramifications of not having a plan growing up and they want to prevent similar situations happening in their own life. Or sometimes, one spouse has concerns about what would happen if they died and the other remarries.
Whatever the reason, sometimes it takes open communication and a little convincing to get the other spouse on board. If you are in the same boat today, a great place to start is speaking with your spouse about the most common excuses why people put off creating a plan in the first place. I’ve outlined these objections below and offered my suggestions on how to answer them:
- “Don’t we have plenty of time to worry about this?”
Most people think that they don’t have to create an estate plan until they are elderly. This, of course, is a huge mistake since illness, disability, incapacity, or death can strike at any time. It’s never too early to plan, but if a tragedy happens, it can be too late.
- “We don’t have a lot of money.”
Some people also mistakenly believe that an estate plan is only needed if they have a great deal of money. They should know that estate planning is much more than dividing your assets, as it includes the ability for others to make important medical or financial decisions for you or your spouse in the event of disability or incapacity.
- “You’ll inherit everything anyway.”
It’s true, a spouse will most likely inherit the majority of the estate. But what if something happens to both spouses? And what about your children? If you don’t have an estate plan, you won’t have a legal say in who raises your kids if both spouses pass away. Children from a previous marriage may also end up disinherited when the new spouse inherits the majority of the estate. Your spouse could also end up with estate taxes, court fees, and legal burdens after you pass.
- “The state already dictates what happens to my stuff.”
This excuse could definitely throw you a curveball since it’s technically true. If you die without an estate plan, your estate goes through the legal process that is set forth in your state’s laws. So why would you spend the money to create an estate plan if the state already gives you one? It’s simple: the State does not take any of your wishes into consideration. Not only that, but the process of settling one’s estate through the probate courts is long, expensive, and extremely stressful for your loved ones.
It is my hope that this information helps you address some of the hurdles that may come up when talking to your spouse about creating an estate plan. If you have further questions or you are ready to start the process by getting more information, please contact our law firm at (813) 438-8503 to schedule a consultation.