There are two primary ways that a Nevada marriage ends — divorce or death. It could be said that preparing for one and not the other is courting disaster. Considering that the divorce rate in the United States is as high as it is, more couples are preparing for divorce these days than ever before. However, neglecting estate planning can make an already difficult situation even more so for a surviving spouse.
Even a basic estate plan consisting of a will, financial and medical powers of attorney and medical directives is better than leaving the state of Nevada in charge of your estate. Executing a will may not be enough to ensure that a surviving spouse is cared for after death, however. Depending on the couple’s circumstances, trusts and life insurance policies could provide additional financial security.
Many people have some sort of life insurance through their employment, but it may be inadequate. If an individual purchases additional life insurance, it is imperative that the other spouse is aware of it, its details and where the paperwork is kept. Life insurance policies should be reviewed each year to ensure that the coverage is sufficient and that the beneficiary designations are correct.
Estate planning is not only about wills, trusts and other documents. It is about creating a comprehensive plan that will provide support to a surviving spouse — and any children — beyond death. More than likely, neither party wants to contemplate the death of the other, but since there is no way to accurately predict the future, it is a conversation that every couple should have sooner rather than later.
Source: USA Today, “5 ways couples can tackle estate planning now“, Barbara Marquand, Nov. 14, 2015