When you think about estate planning, you're probably thinking about it as an individual. After all, your death or injuries will involve you on your own. However, when you plan for your passing or for a severe injury, you may wish to do so with your significant other.
As a couple, you can start the estate planning process together. Did you realize that around 17% of adults don't think they need a will? Now, think about everything you own, your spouse and your family. Can you imagine leaving the items you have behind and having the state decide who receives what?
Estate planning is about doling out assets, protecting your interests and making your passing easier on those around you. To do that, it's time to take an inventory of your assets and to identify your beneficiaries, so you can choose how you want to protect the assets that you want to pass on.
Of all the things you should make sure to have, a will is the most basic. A will makes it easier to distribute your assets and will assert your wishes. When done well, a will is enough to protect your estate from having the state laws take priority, so you can establish how you want to spread out your assets.
Only around 42% of all Americans have a living trust or will, despite around 76% understanding the importance of these documents. Go together to talk about your estate with your attorney. You need to start thinking about what you'd like to do to protect your beneficiaries.