While it’s possible to handle your estate planning by yourself, doing so may expose you to hidden risks. Drafting mistakes and failing to address tax consequences and other legal considerations can undermine your wishes. Meanwhile, probate complications can result in conflicts, delays, and unexpected costs for your family.
Whether a married couple should create joint or separate estate plans depends on the circumstances of each spouse and the collective context of your marriage. Most couples, including younger newlyweds, utilize joint planning to efficiently protect their uncomplicated estates. However, other couples need greater flexibility and should consider using separate plans, such as those who have blended families, are in at least their second marriage, or have complex assets.
When a married couple starts estate planning, they likely don’t have extensive knowledge about what to do and when. Whether they’re misinformed or just operating based on incorrect assumptions, many couples make the same common mistakes. Without skilled help to guide you through the process, it’s easy to fall into the same traps.
Estate planning is necessary for all married couples. Having a well-structured, trust-based estate plan in place can help couples ensure their wishes are followed in the event of a tragedy, allowing their families to avoid lengthy, stressful legal battles over their assets, custody of children, medical decisions, and more.
Getting married is the start of a new chapter of life that you’re writing together. That often comes with financial independence, buying a home, and starting a family. Estate planning can help you start your new life together with confidence, knowing that your family’s future is protected.
A trust-based estate plan is essential for all married couples to best protect their families’ futures. A comprehensive plan includes a variety of estate planning documents that work together to manage your affairs during your lifetime and distribute your assets after your death.
Nineteen of our attorneys shared their top estate planning tips. The most common advice was to plan early, use trusts to avoid probate, and regularly update your plan after major life changes.
Major life events—such as welcoming a new child, losing a loved one, or relocating—are key moments to revisit your estate plan. In general without a major life event taking place, it’s a good idea to revisit your estate plan every 2-5 years. Whether you’re experiencing the birth of a child, the arrival of a new grandchild, a death in your family, or an estrangement from a family member, keeping your will and other documents up to date can help you stay prepared for the unexpected.
Whether you’re young or old, married or single, the best time to start estate planning is now. Every adult should create an estate plan to ensure they protect themselves and their loved ones, regardless of their age or the size of their assets.
Ask an attorney what the advantages of a trust are and he or she will inevitably include in that list “privacy”. But how can a trust provide privacy? There are two major ways that a trust provides additional privacy.
