Believe it or not, wedding season beckons. In fact, millions of couples delayed their nuptials in 2020, hoping for less restrictive social distancing guidelines from the World Health Organization (WHO) and the Centers for Disease Control & Prevention (CDC). These couples will wed in ceremonies across the country from now until well into the fall. No matter the month, wedding planning usually includes tuxedos, dresses, rehearsal dinners, guest lists, and the honeymoon. However, too many couples fail to consider an important element that should make every “to do” list – a couples estate plan.
Couples Estate Plan Tips
For younger couples beginning a life together, estate planning is relatively straightforward. In fact, minimal property and savings, simple wills, financial powers of attorney, and healthcare directives may suffice. However, for second marriages and older brides and grooms, such is not always the case. For example, it’s relatively common for people to marry when they are old enough to have accumulated wealth. In some cases, both members of the couple bring significant amounts of property, savings, and investments they accrued during their single years. When couples with assets items marry, estate planning morphs into a more complicated yet important task. What’s more, children may make up a pre-packaged, blended family affair.
Review the following information to tackle the critical task of planning for the management and distribution of your property. This will help in case either marriage partners become unable to manage their affairs or dies sooner than expected.
Challenge Estate Planning Assumptions
Married clients often mistakenly assume that their spouse sees things the same way they do. To avoid this, consider the following questions before you marry and create a couples estate plan:
- How do you feel about purchasing and maintaining life insurance?
- Would your spouse handle the family finances on their own if you suddenly died or become incapacitated?
- Who should raise your minor children if you both die?
- To what extent should money and property left to each other be protected from future creditors or new spouses?
- Who could make end-of-life decisions for you should if you become critically ill and can no longer communicate your wishes?
- Do you expect to leave your entire state to your spouse?
- Do you want to leave money or property to parents, children from another marriage, or to a charity or other important cause?
- Should your property be left to your spouse or your children
Couples’ Estate Plan Q&A
The answers to these questions surprise many couples. Thus, we recommend reviewing them sooner rather than later. Couples who communicate and challenge assumptions will be far better prepared to successfully complete an estate plans.
About Skvarna Law in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
