Spousal Duties
Estate Planning Keeps Assets In The Family
Let's Talk About Your Estate

Spousal Duties
In marriage, financial ignorance is never bliss. Here's how to help each other now — and later:

Talk about finances. Work together to organize them. Start by asking what happens when one of you dies. Will the other have enough money to pay funeral expenses — and live on — while the estate is being settled? Here's how to make sure:

• put funds in each person's name,
• make life insurance payable to spouse,
• hold checking and savings accounts jointly, if advisable under state law, and
• have separate credit cards.

Review sources of income. Will it be sufficient? When do benefits start? Remember: Widows can't collect social security until age 60 — and then at reduced rates.

Share an updated list of assets and liabilities. Record the value of each savings account, including account number, location, interest received, and, if applicable, maturity date. Maintain a similar diary of stocks and bonds, insurance policies, real estate and cars. Also include what's owed, to whom and by when.

Exchange written lists of documents (birth certificates, marriage license, wills, location of keys) and where they're kept. Don't forget names and addresses of your attorney and accountant. Also a list of home and auto maintenance schedules. Keep these papers accessible. Safe deposit boxes often are sealed at death of owner. So spouses may want separate boxes for immediate access to important papers. Also leave copies with someone you trust.

Get a will. Otherwise, property can be dispersed in ways not intended — perhaps with your spouse losing out. Even if property is jointly owned, you can reduce taxes with a will and also name an executor.
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Estate Planning Keeps Assets In The Family
Like taxes, death is inevitable. What's not inevitable is leaving financial and personal problems to loved ones.

Definitely draw up a will. It can designate where property goes, distribute property at simultaneous death of spouse, deal with sticky issues of second marriage, appoint an executor to handle your estate, name a guardian for minor children — and save thousands of dollars in estate taxes.

If there's no will, a judge decides what's best for your family. Including who gets what. Even if you own everything jointly, you need a will. Only then can you appoint an executor, name guardians — and designate personal possessions.

Don't delay. By planning your estate, you keep assets in the family.
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Let's Talk About Your Estate
Estate planning is important. So here are answers to frequently asked questions:

What does a plan do?- A good plan gives you:

• Control of who gets what. If you don't decide, you leave the decision to the law. Your heirs have no control — and neither did you.
• Conservation of assets. With planning, you help cut settlement costs. They can reduce your estate by as much as 20 to 70 percent.
• Liquidity. Survivors usually need money to help pay final expenses like medical bills and funeral costs. An estate plan makes sure cash is available. Otherwise, your heirs must sell off your assets or use their own funds.
• Survivor income. By planning your estate, your spouse and minor children are provided with income to meet daily living costs.

Can't I wait? I'm too young to think about estate planning. Probably not. If you're married, especially with children, you need to protect your loved ones. An estate plan does. Start now and update your plan periodically.

I don't think I own enough. What size estate do I need? Your assets may be more than you realize - and, therefore, subject to estate taxes. In addition to your home, assets include cash, savings and investments, life insurance proceeds, personal property, vehicles, jewelry, collectibles, retirement benefits and pensions.

Isn't a will enough? A will is a must, but it's only one part of a plan. You still need to consider other issues like health-care power of attorney and living wills. An estate plan does.
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