Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Thursday, February 14, 2013

Love and Estate Planning Are In the Air

HeartsWith Valentine's Day on the horizon, many people are heading to the stores to get last minute cards, carnations, and candy for their significant others. While these gifts are nice, there are other nice gifts that people can give to show that they care about someone. For example, take these gifts into consideration:

  1. A person might want to involve their significant other in their financial planning because it would allow that person and his or her significant to plan for their possible future together.
  2. This could also be said for daily money management although not for the same reasons. First, this is important because it could prevent the couple from resenting each other. According to Forbes, "if you're scrimping and sacrificing, while you feel like your partner is splurging, it can also lead to resentment and tensions in the relationship." Meeting with your partner and discussing the family's finances could lead to agreement and understanding with your significant other.
  3. Not only should a couple communicate with each other about their finances, if one person handles the finances alone, they might want to consider teaching his or her significant other about personal finances while he or she still can. It is an unpleasant thought to have on Valentine's Day, but what if the person that handles the finances were to pass away? If this involves you, would your spouse or significant other be able to handle the finances if you were gone?
  4. On that subject, a person might want to ensure that his or her significant is taken care of if something were to happen to that person. A person might want to consider ensuring that he or she has an adequate amount of insurance, and that his or her estate planning documents are up to date. 
  5. Finally, the best way for a person to show that he or she cares is to have all of his or her financial documents organized and easy to find. While a filing cabinet will do, technology has advanced to the point that a person can store documents in one convenient place online. One such website is Mint.com
See Erik Carter, 5 Non-Romantic But Vital Things To Do This Valentine's Day, Forbes, Feb. 13, 2013. 

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

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