When the Roof Over Your Head Might Also Be Your Widow's Peak
So, your hubby's a real peach, right? You love the guy to bits. But have you ever stopped to think about what happens when he goes to meet his maker? I know, it’s a cheery topic, but hey, it’s better to be prepared than to be house-less and heartbroken, am I right?
Joint Tenancy: It’s Not Just a Dance Move
If your house is under joint tenancy with right of survivorship, then you’re in luck (kind of). When one of you kicks the bucket, the other automatically becomes the sole owner. No drama, no probate, just you and your house, living happily ever after. Or at least until the mortgage is paid off.
Community Property: It's Complicated
Now, if your house is community property, things get a bit more complicated. When one spouse dies, the surviving spouse usually gets all the community property. But if there are kids involved from a previous relationship, the surviving spouse only gets half. Yeah, I know, math is fun. Not really.
The Will: A Piece of Paper That Could Save Your Bacon
Even if you own the house jointly, having a will is still a good idea. It’s like a backup plan for when things go sideways. You can specify who gets what, and how you want your affairs handled. Plus, it's a great way to annoy your relatives by leaving them nothing. Just kidding (kind of).
Life Insurance: Your Financial Safety Net
Life insurance is like a hug for your wallet when things get tough. It can help cover funeral costs, debts, and even help you maintain your lifestyle. So, if your husband is the breadwinner, make sure he’s well insured.
What About the Kids?
If you have kids, consider setting up a trust. This way, you can control how their inheritance is used, and protect them from any financial shenanigans.
How to Make Sure You're Covered
- How to understand your property ownership: Check your deed to see if the property is held in joint tenancy or as community property.
- How to create a will: Consult with an estate planning attorney to draft a will that reflects your wishes.
- How to get life insurance: Shop around for life insurance policies that fit your budget and needs.
- How to set up a trust: Work with a trust attorney to create a trust that protects your children's inheritance.
- How to find a good estate planning attorney: Ask for referrals from friends, family, or your financial advisor.
Remember, talking about death and money isn’t the most fun conversation, but it's important. It's like flossing; nobody likes it, but it’s essential for good oral hygiene. Or in this case, good financial hygiene.
So, take a deep breath, grab a glass of wine, and let's talk about estate planning. Your future self will thank you.