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Home >> Why You and Your Partner Need to Discuss Estate Planning This Year – Part 2

Why You and Your Partner Need to Discuss Estate Planning This Year – Part 2

March 10, 2016 by Andreas Kulas Leave a Comment

Why You and Your Partner Need to Discuss Estate Planning This Year – Part 2A couple of weeks ago we looked at some key reasons why you and your partner need to discuss estate planning this year if you are not married, or are not planning on becoming so. The law makes some significant distinctions between married couples and those living in a romantic relationship who are not married. While we discussed some general ideas about the situation in our last discussion on this topic, this week we thought we would look at some specific steps and issues you and your partner might need to talk about.

You and Your Partner Need to Discuss Estate Planning: Life Insurance

If either you or your partner has a life insurance policy, you will need to go over the policy details with one another if you intend the other to be the beneficiary. Life insurance policies come in a couple of key forms, but they all generally do the same thing. Namely, when the insurance policyholder dies, the policy provides for the named beneficiary to receive the specified payout. Before you commit to an insurance policy you’ll need to go over its terms, make sure the insurance payout is suitable, and make sure you can afford to pay the monthly or yearly premium.

Beyond that, you will absolutely need to make sure that your partner is named as your beneficiary if you intend your partner to receive the payout. If you are using other estate planning tools, such as living trusts, you may need to include the name of the trust of the beneficiary. However, if such advanced tools are a part of your estate plan, you’ll want to talk to your estate planning attorney about making this adjustment.

You and Your Partner Need to Discuss Estate Planning: Inheritances

Beyond a life insurance policy you’ll also need to make sure that your inheritance plan addresses your partner and names him or her as a beneficiary of your estate. This means, for example, including terms in your will, as well as adjusting any transfer on death assets you might have, such as investment accounts or bank accounts.

You and Your Partner Need to Discuss Estate Planning: Practical Concerns

Beyond the legal issues you will also need to discuss with your partner the practical issues surrounding estate plans and the documents that are a part of them. For example, if your partner becomes incapacitated, do you know where his or her durable powers of attorney are located so that you can begin making any necessary choices on your partner’s behalf? Do you know what kind of benefits your partner has provided for you through his or her inheritance plan?

Discussing these issues prior to creating your plan is essential if you want to get the most from them, and if you want to make sure that both you and your partner are knowledgeable and up-to-date about your partner’s wishes.

Filed Under: Estate Planning

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Leo C.
Client Review
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

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Joan C.
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We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

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