Should my husband and I consider drafting estate planning documents or will each of our shares go to the other upon passing?
I am married to another man. I know the laws on marriage equality have changed in recent years. However, neither of us currently have a will or estate planning documents prepared. Should we consider drafting estate planning documents or will each of our shares go to the other upon passing?
– Paul, Rockford
Paul, when someone passes away without a will he or she is said to die intestate. This usually follows intestate succession where the closest surviving relative would receive assets of the estate. This appears to be you, unless your husband has a child or another close relative. It is important to also keep in mind property that you own jointly with your husband. This is called a joint tenancy. Upon one of you passing, the property would go directly to the other. However, you should begin to think about drafting a will and trust or a will. This is important for your overall future.