You should go to an estate planning attorney to sort things out and make sure both of you are on the same page about who owns what, who gets to stay where and for how long into the future.
If you think Estate Planning is simply the creation of a will or trust, you are missing a large portion of information, and could potentially have assets that do not flow according to the plan you have set up in your will or trust.
The word “estate” conjures images of great wealth, which may be one of the reasons so many people don’t develop estate plans. Afterall, they’re not rich, so why make the effort?
Let’s face it: mortality is hard to think about and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.
You make things easier for the children, by planning for the possibility of a nursing home stay because you take the burden off the children to make crisis decisions for your long-term care costs.
If you or a loved one is living with a chronic disease, such as Parkinson’s, multiple sclerosis, or Alzheimer’s, your estate planning likely should reflect that challenge.