“Estate planning discussions do not need to be dramatic or formal,” TrustCounsel of Florida states. The discussions can begin with simple questions:
- If something happened to one of us, would the other have clear authority to act?
- Do we agree on how assets should be distributed?
- Have we reviewed our documents recently?
Sounds simple, but the reality is “about 45 percent of couples report that one partner takes the lead when making retirement investing and planning decisions. That can be problematic, considering (as AARP points out) that more than half of couples disagree about how much they need to save to retire and 47 percent say they have different risk tolerances when it comes to investments.” One spouse wants to retire at 62; the other wants to work to 67, or consult indefinitely because they enjoy the work. Is one person fated to spend five years alone in an empty house at 10 AM? Anthony Watson asks in Thriveretire.com. And, how should couples handle discretionary spending when only one partner earns an income?
A similar issue arises when it comes to estate planning as members of couples may have different goals, different understandings, and different intents we’ve learned at Geyer Legal. As longtime Indiana estate planning attorneys, we’ve learned the value of facilitating family conferences, which we explain as an opportunity for the younger generation to become aware of the values and assumptions that have gone into their estate planning choices, but the same holds true when planning for a couple.
We’ve learned the values and assumptions that go into estate planning choices are subject to change over time,and not always are those changes in thinking the same in both spouses. As Indiana estate planning attorneys, we see the wisdom of “moderating” periodic estate planning “refresher” discussions with couples as their employment status, health situations, and relationships with their children continue to develop.
– by Katrin Hodson, Attorney with Geyer Legal Group
