If Something Happened Tomorrow: Is Your Family Ready?
If something happened tomorrow, would your family know where to start? 🔐
In most households, one person handles the money. The bills, the logins, the insurance, the auto-pays.
The other believes it's being handled, which is fine until it isn't.
Here’s a suggestion:
- Build one shared document with every account and explain how to access it. Update it periodically.
- Consider having both names on the accounts you say are jointly owned.
- Check out a password manager you both can access.
- Keep a one-page summary in a safe place with what to do, who to call, and where to look.
The couples who do this often say the same thing afterward: “We should have done it sooner.”
When Did You Last Update Your Will?
Without looking, when did you last update your will?
For most people, the honest answer is "a while ago." Sometimes it's "I don't remember." Occasionally, it's "I'm not sure I ever have."
Estate documents get signed in a year that felt important, and then they go into a drawer.
Four things most people don't realize:
- State estate taxes follow the property, not the person. A vacation home in another state can be taxed by that state's rules.
- Trusts in recent years may need to be updated to reflect current rules.
- Inheritance tax depends on who receives, not what's left. Nieces, nephews, and unmarried partners may owe what a child wouldn't.
- The beneficiary form on a retirement account typically overrides the will. The form is filled out once and quietly controls millions.
And many more nuances worth considering.
We’re here if you want an opinion on your estate strategy. If you have a trust, we would encourage you to speak with a professional who is familiar with the relevant rules and regulations before considering any changes.