As we near Valentine’s Day, we’re feeling the love in the air! Among your paper cut-out hearts and doilies, you might consider giving your sweetheart a more valuable piece of paper: the promise of your lasting legacy. Let’s look at Sweetheart Wills, what makes them different from other types of Estate Plans and what else you might need to ensure the care of your spouse even after you’re gone.
The Sweetheart Will
A “Sweetheart Will” means you and your spouse agree that if one of you dies, everything goes to the surviving spouse. The widow or widower retains unconditional and total control of the estate and funds. Though it’s a simple concept, having a sweetheart will gives you control over how your assets are distributed, rather than a judge, whom you probably have never met, distributing your funds according to Colorado state legislature. Sometimes, this is all a married couple needs.
When It’s Not Enough
Of course, this begs many questions. Often, Swan Law encourages parents to choose both temporary and permanent guardians for minor children. That way, if both parents are lost in a common accident, there is a Kid Safety System in place, and both you and the kids know they are taken care of.
If your life has taken any turns–as many do–you may have needs for more definition and stipulation in your estate. For example, for those with children from a previous marriage, you might want to accommodate your natural heirs as a priority, rather than a Sweetheart Will, in which case everything will go to your new spouse.
If you have assets greater than a certain amount, if you’d like to leave money for a favorite charity or provide for someone close to you, or if you have any other preferences regarding the distribution of your funds, you may need a more comprehensive estate plan or a trust, which will create greater asset protection.
Sweetheart Wills are a kind of one-size-fits-all estate plan, but maybe that’s not the right plan for you. If you want more information, just give us a call at (970)879-1572 or email firstname.lastname@example.org and we’ll be very happy to give you more information and help you find the right plan for you and your family.