Estate Planning for Young Couples
It is never too early to start planning for your estate. Although many young couples do not wish to think about what will happen if tragedy should occur, you can protect both yourself and your loved ones by starting to plan for your estate as a couple at a young age.
Estate planning for young couples does more than just protect your assets. In addition to establishing how your property is to be administered, there are also other criteria to be considered, such as:
- Healthcare and Power of Attorneys
- Guardianship of Children
- Care of Pets
Steps to Plan for Your Estate as a Young Couple
There are certain steps that can be taken to plan for your estate as a young couple that will help to avoid future and unnecessary confusion and complications, including:
- Changing Beneficiary Designations
- Re-Titling Real Estate & Financial Accounts
- Creating Powers of Attorney / Living Wills
- Establishing Guardianship for Children
Many young couples still have their parents or siblings listed as their beneficiaries, which can potentially disinherit your spouse and/or children in the event of death. By changing your beneficiary designations, you can ensure that your family will be provided for.
If accounts and real estate are not re-titled as joint accounts, or the proper steps have not been taken to ensure that assets are passed on to children, property can become tied up in probate for up to a year after death.
This means that your spouse and family could be denied access to any of your assets due to probate if you have not re-titled these accounts.
Powers of Attorneys and Living Wills
In the unfortunate case of not being able to make important decisions concerning your health and/or finances due to a tragic accident or illness, you will want to establish who is to make these decisions for you. By reconsidering this upon marriage, you can potentially avoid conflict and confusion among your family.
If you have not established guardianship for your child, this decision could ultimately be left up to the courts. This is important to consider and determine who you want to take care of your children in the event of death.
For further information and questions concerning estate planning for young couples, contact our experienced probate lawyers online or call today at (734) 397-4540.