Marriage is about compromise, which usually means coming to an agreement about where to live, whether to have kids, and possibly even when to retire. Unfortunately, some couples find themselves in complete disagreement about planning for the future. Retirement is something so many people look forward to; especially with your significant other. If you find yourself frustrated by your spouse’s outlook on estate planning and planning for your future together, consider these tips:
Assess Your Finances Together
Coming to a place of mutual understanding about your finances can help get couples on the same page about the future. Take a thorough look into your debts, your savings, property that is owned, investment accounts, insurance policies, and any retirement accounts you have. This can paint a more complete picture of what lies ahead and about how you should be planning for your golden years now.
Define Your Dreams
Perhaps you have always dreamed of spending your golden years in a villa in Tuscany. Maybe your spouse has imagined themselves in a senior community by the beach. Regardless of your dreams for the future, it is important to understand each other’s goals. This is especially true of your shared legacy that you leave behind when your time expires. Will you leave your assets to a favorite charity, or will the things you worked hard for your entire life be inherited by a loved one? These kinds of dreams are not as fun to consider as your retirement plans, but they are just as important.
Understand Your Options
As you discuss estate planning with your spouse, also be sure to consider possible unexpected occurrences. While it is hard to plan for the worst-case scenario, playing with the theoretical can help you and your partner make informed decisions for your family. Are you prepared to handle a serious illness? What about the sudden death of your spouse, child, or even grandchild? Answering these tough questions can help you come to a mutual understanding about your options for the future and take action now to better prepare your family for sudden tragedies.
Talk with an Experienced Estate Planning and Elder Law Professional
If you and your spouse are still struggling to get on the same page about estate planning, it may be time to consult with a professional. Hegwood Law Group can answer questions you have about your options and help you decide on the right plans for your family’s future and has experience in proposing options that fit both partners’ interests.