When Ignorance is Not Bliss

Do you rely solely on your partner to handle your family’s legal and financial responsibilities? Many people do.  In any relationship, it is common to distribute the responsibilities in accordance with the skills of each partner. While for day-to-day paying of bills this may make sense, it can result in unnecessary stress on the partner who does not engage in these responsibilities.  It is crucial for both parties to have an active role in understanding their estate plan.

Recently, I met with a client who needed some updates to her estate plan because her husband had passed away a few years ago.  During our meeting, we discussed her husband and their relationship, and how much she had relied on him to handle all of the finances and legal affairs.  They had a loving marriage, and while he was alive she never worried about any of those things. He was the more organized one and it was easier for her not to be involved.

My client stated that a few times while her husband was alive, she had asked about sitting down and discussing their finances and legal documents. He always responded with “of course, let’s talk about it.”  However, she would always respond with “Well maybe later.” Neither of them ever pushed the issue.

At the time of her husband’s passing, “later” had never come. She knew very little about their finances or the status of the existence of legal documents. Her husband hadn’t left any written instructions, no list of assets, and no names with contact information. She was lost with the little knowledge she had. It took her several months after her husband’s passing to work up the courage to start investigating and putting the pieces together as to what her husband had put into place for their family.  

At the end of our conversation, she stated that this story is one she shares with everyone she meets. If she had only taken the time to get the basic information about their affairs, she would have saved herself months of stress and anxiety. Don’t wait until it’s too late to have conversation with your partner regarding your estate plan. 

 If you have any questions about estate planning today in order to help your loved ones tomorrow, please contact me today for a consultation.