Taking time to make sure your loved ones will be okay in the future is not only a great act of love, it’s also the basis for Estate Planning. Maybe that’s why the term “Sweetheart Will” exists.
A “Sweetheart Will” is one of the most common forms of wills in which a couple leaves everything to each other and then to their children. This means a “Sweetheart Will,” is actually two wills, one for each spouse, that work in tandem to ensure your assets pass to your partner and then to your children.
What a lovely name for such an act of love, but a “Sweetheart Will” isn’t the best option for every family.
When a Sweetheart Will isn’t the best option…
Family dynamics are unique and sometimes complicated. There are many reasons why bequeathing everything to your partner and then to your children might not be the best option for you and your family.
For instance, if you have a child or spouse that might eventually receive financial benefits like SSDI, leaving them all of your assets might disqualify them from these helpful programs. Thankfully, “contingent trusts,” keep your loved ones on these services while also allowing them to receive your inheritance via a trust.
There are also many personal reasons as to why a Sweetheart Will just won’t work for you and yours. Certain family truths that are often difficult to discuss, like addiction or mental illness, can factor into how your will is drafted.
Ultimately, the decision to name someone in your will or create a contingent trust for them is a great act of care and concern for their future.
Benefits of a Sweetheart Will
And of course, Sweetheart Wills wouldn’t exist if they weren’t incredibly useful. They are sweet and simple and tend to “keep the peace” when it comes down to executing the will.
Sweetheart Wills work best:
- If it’s your first and only marriage.
- If this is the only marriage with children.
- When all of your children get along.
- When all parties agree that this is best for the family.
When considering a Sweetheart Will, be sure to discuss the logistics with your partner and children. Getting everyone on the same page often makes the estate planning process much easier.
How will you know if a Sweetheart Will can Work for Your Family
Before making any Estate Planning decisions, one should always speak to a licensed professional. Attorneys stay up to date on laws and regulations in your area and have a duty to you as their client, to make sure your assets are handled appropriately.
There are many details that go into the Estate Planning process and an attorney who specializes in this area will be able to steer you and your family in the right direction.
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