4 Life Saving Tips For Estate Planning For Married Couples

By Author: Smith Clea
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You and your spouse have been married for years and years, so you may think that estate planning is an unnecessary step to take.

However, estate planning can help you and your spouse achieve your goals in the event of an untimely death or some other unfortunate circumstance in the future.

Read on to learn 4 life-saving tips for estate planning in the case of married couples.

1) Realize That Estate Planning Is Necessary

We all know we should have a will, but sometimes it slips to the bottom of our to-do list.

This may be because we don’t want to think about death or potential disaster (divorce).

But you can put an end to procrastination by making yourself take just 15 minutes to figure out your plan. Ask yourself these questions:

• What happens if I am incapacitated?
• If I die without a will, who is my next of kin?
• Who would raise my children if something happened to me and their other parents?

These are important things that need to be discussed with both your significant other and the legal team.

You don’t want to leave anyone ...
... behind in a rough spot.

Taking care of issues now will save your loved ones stress and money later down the road.

It takes less than 30 minutes to fill out an estate planning firm.

Once completed, share it with your spouse so he/she understands exactly what needs to happen after you pass away.

2) Consider Your Tax Situation

Together, consider how your estate will be affected by federal and state estate taxes.

Many states have inheritance tax laws that can complicate matters even further.

Consult with an accountant to make sure you’re doing everything correctly.

Start a legacy fund. Now is a good time to start saving for a legacy fund.

It is money that you leave behind for family and friends when you pass away.

3) Have A Will Drafted

The saying goes, Absence of evidence is not evidence of absence.

If you or your spouse dies without a will, it could lead to a dispute among family members about how assets should be distributed and possibly even leave some family members out of your final arrangements entirely.

To prevent an unnecessary estate-planning headache for yourself or your loved ones, have a will drafted and signed by both spouses at least once every three years—no more than one year apart.

4) Outline Trusts And Powers Of Attorney

When should you set up a trust, and what should you put in it?

Should you have an estate plan to detail how your estate is to be distributed after your death?

What exactly is an estate plan, and what do I need to include in it?

How can I protect my children’s inheritance if they are minors?

When should I create a will, and who should be named as the executor of my will?

The answers to these questions depend on many different factors specific to your own personal situation.

Find out more on Estate Planning For Married Couples

Clea Smith is a USA-based author on Legal issues related to estate planning, will & trust, business law, and elder law. Clea Smith does her best writing on these topics that help users to find the best solutions to their FAQ on estate planning, probate, living trust vs will and more about legal family issues. Author Clea Smith can be reached through rochesterlawcenter.com