Newly-married couples in Maryland may have wedding bells ringing in their ears, but one topic they should address after walking down the aisle is that of estate planning. In fact, one survey of over 2,000 individuals who were married revealed that one-third of them did not have a life insurance policy, and of those who did, over 40 percent still reported being financially unprepared in the event that their spouse would die. Death is no respecter of age, so it is important to take the necessary steps now to plan for the future.
First of all, carefully consider how much life insurance coverage your family would require should you pass away. For example, in addition to the monthly bills, mortgages and credit card debts, child care expenses and educational expenses may also be in the picture. Moreover, take a moment to determine how many years worth of income and expenses you would like your life insurance policy to cover. The details of your partner's life insurance policy should be understood. This includes knowing which company the policy is with, the extent of coverage under the policy, the price of the policy and at what time will the policy expire.
Another estate planning issue to address is the creation of a will. According to one poll, 70 percent of respondents who were parents to minors did not have a will. Instead of trying to do it yourself, it may be wise to have an estate planning attorney draft the will and any other necessary estate planning documents.
Finally, communication is important. One survey reports that 55 percent of respondents who were married with children did not know what their partner's end-of-life wishes were, including funeral arrangements. Making sure your wishes are known ahead of time can save your loved ones a lot of heartache down the road. Disagreements about a loved one's final wishes can crop up after that person has died, particularly if there are adult children from two separate marriages.
Wedded bliss is all well and good, but it is important to be practical too. Married couples in Maryland who have not discussed estate planning may want to do so before it is too late.