Estate planning for married couples.
You have celebrated your legal union with the love of your life and are embarking on wedded bliss. Estate planning dealing with possible incapacity, death, transferring property is probably not high on your list.
But it should be.
Marriage is a major life milestone and with it comes the need to begin planning for the unknown, even if you think you do not have enough property or assets.
A general power of attorney allows you to name your spouse as your agent (attorney-in-fact). Your agent can speak with financial institutions, creditors, parties to a contract, government agencies on your behalf. This is helpful if you are unable to handle the issues and need your spouse’s assistance or if you are incapacitated
A medical power of attorney allows you to name your spouse as the person who is able to help you with medical providers and make medical decisions on your behalf if you are unable to make those decisions for yourself. If you are in an accident and are unable to speak for yourself, this document will give your spouse the authority to speak for you, this can avoid family conflict at a stressful time.
A Living Will can also help avoid conflict at a difficult time. A Living Will contains your end-of-life directions. This document will allow your medical providers to follow your wishes and not have to seek direction from your spouse or family whose wishes may be in conflict with each other and with you.
Not creating an estate plan results in your spouse and children inheriting equally in most circumstances under state law. If you intend for your spouse to only inherit, you will want to create a Will or Trust to clearly state your intentions.
Your Last Will & Testament allows you to direct who should receive property and what property they should receive. You can make specific gifts and include a personal property list. This document allows you to be clear on your intentions for your property. Any property passing under your Will requires a probate case filed with the court.
Depending on your goals and concerns, a Revocable Living Trust can be considered as part of your estate plan. A Trust allows the Trustee you name (usually you and your spouse) to handle property during your life and upon your death. A Trust can help protect property for your beneficiaries. You can also use a Trust to separate your property from marital property, such as an inheritance you received. We can discuss if a Trust is to your advantage at this point in your life.