The Importance of Being Honest with Your Partner About Finances for Estate Planning Purposes

There are many benefits to having frank and honest conversations with your spouse or partner about your financial situation. When everyone is on the same page about assets, liabilities, and financial goals, it’s much easier to navigate life together.

One term known as financial infidelity refers to keeping secrets or lying about money from someone significant other. You may not realize how widespread this is, but one reason study found that nearly 40% of US adults have lied to a romantic partner at least once about finances at some point in their life. This is an extremely important conversation to have prior to getting married but can also be valuable before any estate planning is done.

Estate planning between you and a partner in which either one of you will serve as power of attorney agent, trustee, executor or will receive assets from the other requires you to be upfront and honest about your financial situation. This may include going through difficult conversations around things, such as debts and overall assets, but your estate planning lawyer needs to have this information to accurately draft all estate planning documents.

When you move in together, get engaged, or get married, these are good reminders to look at your estate plan together and to get on the same page about finances.

If you and your partner are working to get on the same page and want to have clarity over assets, liabilities and overall estate plans, now is an ideal time to meet with an experienced and dedicated estate planning attorney in CA.

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