Couples should consider mutual responsibility for and knowledge of:

Retirement plans: Take time to fully acquaint each other with employer retirement benefits. Both partners should have current knowledge of pension plans, 401(k) accounts and IRAs. For a complete picture of expected retirement benefits, become familiar with each other’s Social Security benefits, as well. Understanding retirement benefit information will bring clarify and facilitate retirement planning.

Credit card documents: This one can be scary. Some may prefer to not know how much credit card debt their spouse has accumulated. But it’s wise to know where to find account numbers in case one loses his or her wallet and needs the other to help cancel the card. Also, mutual awareness of credit card debt amounts will help with developing a family’s overall financial plan.

Power of attorney: It is generally a good idea to have power of attorney on any individually owned assets, just in case one becomes ill or otherwise unavailable. Power of attorney can be limited to specific functions for a certain period, such as selling stocks or withdrawing money while traveling. A broad document that authorizes each partner to handle almost any situation in the other’s absence is also a consideration.

Wills, trusts and life insurance: It’s especially important to share information about wills, trusts and life insurance if either has been married before. There could be restrictions on how some assets may be used and beneficiaries left unchanged by mistake. Most important, make sure each partner knows where to find wills and will be able to easily access it if something were to happen.

Health insurance policies: Most insurance companies will cover care administered in the first 24 to 48 hours of a medical emergency, even if the coverage details have not been sorted out. But the situation isn’t as clear with hospital visits that are less urgent. If each partner is covered under a different insurance plan, both should be familiarized with the requirement “hoops” they may have to jump through.

If one spouse had a sudden illness, would the other know which doctor to call first to get an okay for treatment? If not, they risk running up big bills at an out-of-network doctor.

Business loans: If one spouse owns a business or is a partner in a professional firm, both should know about any personally guaranteed loans. It is critical to be aware of liabilities since household assets can be hit if the business can’t repay the loan.

While many don’t necessarily need to know everything about their spouse’s finances, maintaining a working knowledge of the above points can help maintain proper, balanced control over a family’s financial affairs.

Robert A. Dienelt is a Financial Advisor in Jackson, Mississippi. He is an Accredited Asset Management Specialist (AAMS) and is passionate about helping people become and remain financially secure through his work as a financial advisor with Raymond James Financial Services, Inc. in Jackson MS.

For each person who wishes to leave everything in order in the event of their passing, a documented last will and testament is the proper and necessary option. There are those who have accumulated assets over the years and would like to divide it according to how they deem it fit.

In the state of Texas, there are governing laws as to the creation and execution of these wills. They follow strict bylaws and probates to be able to make sure that everything is done legally and will be executed the same way.

Texas Wills has its own set of requirements to make this document legally binding. First and foremost would be the age and status of the testator; they must be at least eighteen years of age, married or is presently serving in the armed forces.

The capacity of the testator is also another requirement in which, the testator must be voluntarily creating the will. They must be of sound mind and is capable of rational thoughts and decision making. This ability is important as the will would not be legally binding should the testator be coerced in to creating it.

A pair of credible witnesses is required to attest to the creation of the will as well as the credibility of the testator. They must sign the document in the testator’s presence and must at least be 14 years of age. The beneficiaries or those who will be receiving the inheritance and a person who will administer or execute the details of the will are all required in Texas Wills.

Oral wills or those which are only applicable to personal property, handwritten wills which are personally written by the testator and typewritten wills which may have been created at a prepared date with or without the aide of the testator’s lawyer are the three types of wills recognized and accepted in Texas.

In regard to the three accepted wills, there are corresponding requirements and provisions to be met for these to become legally binding. The handwritten and typewritten wills must be presented to the court within a four year timeframe from the date of the testator’s demise for it to be proven valid. Oral wills on the other hand are only binding when it has been made by the testator in his death bed ? unless the testator had to be transferred to a facility as a result of sickness and have died before being able to go home. For this kind of will, it is most likely that a specific number of witnesses be required to give validity to the claim.

Pets are also covered in Texas Wills; though they do not have specific rulings, it may entail the transfer of ownership of their pets to the person of their choice. Apart from these, there are also cases wherein a testator may need to create a will to ensure that there will be a legal guardian to provide care to their minor children in the event of their death as well as to appoint an individual to take care of properties.

Nowadays, it seems that most people are getting smarter about financial planning and estate planning. As a result, people are often inquiring about whether they need a will or not. Because of this trend, we are going to explain the situations where it would be advisable for someone to have a will.

Just to ensure we are all on the same page, let’s define what a will really is. A will or testament is a legal document that identifies where a person’s material possessions are to go once they pass away.

Furthermore, a will can also be used to specify who will take care of the dead person’s young children. As a side note, if you have small children, please let the new guardians know ahead of time (you would be surprised how many times people do not do this).

Another reason people often choose to create a will is to ensure their items don’t go where they don’t want them to go. If you die without a will, your state will decide where your items go. This could even include your ex-wife.

Since we are all knowledgeable on the situations where a will would be beneficial, let’s move on to helping you decide if you need a will.

If you have a large amount of material possessions, you may want to create a will. If you fail to do this, you cannot guarantee that your possessions will go where you want them to go.

Also, if you have very young children, you should have a will. When trying to decide who should take guardianship of your children, you should also consider that person’s money skills because the new guardian will also have access to your children’s assets.

As you have seen, there are several situations where having a will would be beneficial. On the other hand, if you do not have small children or many material possessions, you may not need a will.

No matter how much money you have it is important to have a basic estate plan to protect your family and your assets after your death. An estate plan can be as simple as a last will and testament to extremely detailed to contain a power of attorney, a living will and even a trust. We’ll cover each of these tools in order.

Last will and testament – This is the most basic, and often the most important, element of an estate plan. You last will states your intentions regarding your property upon your death. As fundamental as a will is to your plan they are not necessarily easy to get right. If you try and write your own will and make a significant mistake your will make be disqualified and your estate will be distributed as if you didn’t have a will at all. While probate laws in each state are written to handle this process in a reasonable manner, the state rules could run exactly counter to your personal wishes. Hiring a professional to help draft your last will is a wise investment.

Power of Attorney – A power of attorney is a legal document that authorizes somebody to act on your behalf in legal or business matters. A durable power of attorney is a special kind that allows the rights granted to be effective if you become incapacitated due to injury or mental illness. Durable powers of attorney can by financial and medical in nature. A Health Care Power of Attorney is a durable power of attorney that authorizes the appointed agent to make health care decisions for up. The authorization can include the ability to stop life sustaining medical support if it is keeping a terminally ill patient alive.

Living Will – A living will is an advanced directive that spells out your wishes to caregivers if you become unable to communicate them due to incapacity. It can be very specific to certain situations such as not wanting to maintain life support if a physician determines that your situation is terminal. A living will is usually created in conjunction with a Health Care Power of Attorney.

Trusts – Trusts are legal devices that let you place restrictions on how and when your assets will be distributed upon your death. A great example of establishing a trust is if you want to leave assets to your minor children. You can place those assets in trust and limit the asset dispersal schedule to future ages or events that you deem appropriate. Trusts can also be used as a tax planning device to allow your assets to be transfer by a different path.

Tax planning – There are a wide variety of tools that can be used to manage the tax burden at your death. These include life insurance, life insurance trusts, charitable remainder trusts, qualified personal residence trusts and more.

Your first step is to create a list of all of the property you own. Once you have this list make a determination about who you want to receive each item. At this point it is a good idea to talk to your immediate family regarding your wishes as this can avoid significant problem in the future.

Setting up a Will in Texas can seem like a complicated process but take it one step at a time and you will quickly gain the peace of mind know that you and your loved ones will be taken care of if you should pass away. Enlisting the aid of a professional estate attorney will help you land with the exact types of documents that will most help you and your particular needs.

If you are already eighteen years old or above, you are now eligible to create a will if you think you already need it. With all the drafts and samples readily available through the internet, you can already draft your own last will and testament. If you have a considerable amount of wealth at your disposal, it doesn’t matter if you have just turned 18. Writing a will does not discriminate anyone of legal age.

If you have worked hard in an early age and have luckily made the right investments with clear earning potential, you can choose to write your will anytime you wish. Writing a will doesn’t mean you have to be married first before doing so, preparing one is needed in order for you to protect the future of your family especially if you are the breadwinner, either single, married or divorced.

A will is a legal document that contains the actions that will be executed pertaining to all your assets, real and personal properties, including designations of people who will manage your properties or care for your minor children. This is commonly called the last will and testament that requires two witnesses, name of executor, name of beneficiaries, list of properties and other conditions stipulated by the testator with or without the assistance of a lawyer.

The most commonly used will is the written or formal will. If you are decided to create your will, the first thing that you must do is to assign an executor. Basically, upon your death, the executor will carry out the contents and wishes indicated in your will. After which, you now need to prepare the contents of the will. Make sure that you write legal names, beginning with your name, your executors and your beneficiaries. Nicknames are not legally accepted. Writing a sentence which confirms your mental state is also necessary to prove that you are not forced or pressured while writing a will.

Of course, you do not automatically start with the distribution of your wealth. You start by making sure that the funeral arrangements are taken cared of according to your desires. Usually, the spouse or a first degree relative handles this, but in the event that there are no relatives or immediate family, your significant other can take on this role.

Next is the assignment of responsibility for your children if you are a single parent, widowed or divorced. After which, is the long list of your real and personal properties and the corresponding beneficiaries of those assets.

Usually, two signatures of witnesses are needed to make the will binding and legal. However, you need to check other states if this is the case as some may require three. The date and place where the documents were signed must also be stated.

It may be hard for someone to write a will but this is inevitable to fix inheritance issues early on. You already have the peace of mind. Let your family have that too.