Why Estate Planning Matters for Married Couples
Your estate plan details how you want your assets distributed, who you want to be in charge of your health care decisions, and who should receive custody of your children in scenarios where both you and your spouse cannot take care of them. Knowing that your family will be seamlessly protected and provided for in the event the worst happens can give you and your spouse crucial peace of mind.
“It’s better to have an estate plan today and not need it than to need it tomorrow and not have it.”
Risks for Married Couples Without an Estate Plan
If you or your spouse dies without a valid will or trust, their estate will be considered “intestate.” Intestacy means that state laws will determine how your assets are distributed upon your death. State intestacy laws aim to account for how the average individual would want to distribute their assets, giving priority to the decedent’s spouse, children, parents, and siblings. However, these laws often overlook many others, particularly non-blood relatives like stepchildren and close friends as well as same-sex relationships depending on the state that you are in. If you haven’t executed an estate plan, you will lose your ability to control who will inherit your property.
In addition, the lack of specific directions from you concerning how to distribute your estate can force your family into a lengthy, public, and expensive probate court process to settle any disputes.
Benefits of Trust-Based Estate Plans
Planning your estate using trusts has the advantage of avoiding the probate process. By transferring your assets into a trust administered by a trusted loved one, you can potentially avoid unnecessary administrative costs, probate expenses, and taxes, while ensuring a smooth, private transition.
Trust-based planning promotes control, privacy, and limits court involvement during your lifetime or upon your death.
Key Documents Every Married Couple Should Consider
Ensuring your estate plan includes certain documents can help protect your family and support your marriage through life’s twists and turns. Important financial documents for married couples include:
- Revocable living trust
- Pour-over will
- Financial power of attorney
Documents critical to health care planning for married couples include:
- HIPAA authorization
- Health care power of attorney
- End-of-life document
Is Your Marriage Protected? Start Your Estate Plan Today.
For over two decades, the experienced legal team at Evans & Davis has helped more than 30,000 clients nationwide achieve their estate planning goals. We’re committed to helping you protect your family’s legacy.
Contact us online today to learn more about estate planning and how we can help you and your spouse get started.
