This is the year you’ve decided to protect your family’s financial future. It’s the year you’re going to finish that estate plan.
If you’re in a second marriage, you have some very unique challenges to work through to make sure that your estate plan achieves your goals to protect your current spouse, your children from a prior relationship and maybe even your own business. [If you haven’t read about these unique hurdles you face in a second marriage, click here to learn more about them].
If you’re living together in a long-term, committed relationship, you have even more challenges to overcome to protect your loved one because Massachusetts doesn’t recognize common law marriage. Even if you’ve been living together for more than 7 years, you simply don’t have the same protections that married people do! [To learn more about the legal challenges you face in a cohabiting relationship click here].
Why It’s So Critical to Get Your Estate Plan Done
It’s been estimated that over 64% of Americans don’t have a Will or any type of estate planning document in place. Some sources place that number even higher.
Regardless, that means that a majority of people are leaving it up to state law to decide how their finances will be passed on and even how health care decisions will be made.
That’s pretty scary if you’re in a second marriage especially if you’re living in a blended family, because your estate might not end up in the hands of the people to whom you most want it to be left.
And, it’s even more frightening if you’re living together because you might be completely shut out of your loved one’s financial affairs and even his/her funeral arrangements!
Ready to Begin the Journey?
Now that you understand some of the unique challenges remarried couples and couples who are living together face when doing their legal planning are you ready to begin the journey?