Love and Planning

When thinking about Valentine’s Day, most couples put a lot of thought into romantic gestures like flowers, heart shaped boxes of chocolate, and candlelit dinners. One thing you might not have thought of is discussing your estate plan. In fact, creating an estate plan is one of the most caring things you can do for your partner.

A well-crafted estate plan removes confusion and helps provide a roadmap to deal with life’s most difficult challenges like losing a partner or dealing with a serious health crisis. It ensures that you are both protected and that your wishes are clear to those you love.

You want to start by making sure you each have a will or a trust, which can be separate or joint, indicating how you want the assets you have accumulated to be distributed upon the death of one or both of you. This can help reduce the emotional burden and stress of your loved ones during a difficult time. Even better, a living trust can avoid probate and expedite the transfer of assets to one another.

You’ll also want to discuss a durable power of attorney, patient advocate designation, HIPAA authorization and funeral representative designations to make sure the people you love can handle your financial affairs and make medical decisions for you when you cannot, get access to your health information, and carry out your last wishes as you wanted. It is an act of love and trust, just like your relationship with your partner.

This Valentine’s Day you can still give your customary flowers and chocolates, but giving each other peace of mind through a comprehensive estate plan is a gift that will last far longer. Contact our office at 248.477.6300 to get started on a plan as unique as your relationship.