As a young couple sitting down to create your estate plan, there are many factors that need to be considered in order to formulate the plan that best suits your family. Couples should seek guidance from an experienced attorney who can help bring these important issues to light during the estate planning process. Failing to consider all of the important aspects of an estate plan could result in the plan not working as well as you intended.
6 Considerations During the Estate Planning Process
What should young couples consider as they create their estate plan? The following are six examples:
- Financial emergencies. Aside from your own mental or physical incapacity, it is important to plan ahead for situations where your spouse may need to manage your finances or sign documents on your behalf. For example, you may be traveling on business while trying to sell your house, or you are involved in an accident requiring an extended hospital stay.
- Untimely death. While planning your estate, you are likely envisioning a death that occurs well into the future. However, some people die unexpectedly and at an earlier age. Waiting too long to create and finish your estate plan could result in your assets passing to unintended beneficiaries as well as a need for an expensive and time-consuming probate administration.
- Minor children. If you have minor children, it is crucial to consider who will care for them if you die and what happens to the assets you want them to receive. If you want to ensure that they do not receive their entire inheritance at a young age, it is important to create a proper estate plan.
- Medical emergencies. You may not anticipate being involved in an accident requiring someone else to make medical decisions on your behalf, but it can and does happen. Planning ahead can help ensure your wishes are carried out, as well as prevent conflict among your loved ones.
- Prenuptial agreements. Even though most people enter marriage with the best of intentions, the reality is that sometimes marriages do not work. There are many circumstances in which couples should at least consider incorporating a prenuptial agreement into their estate planning. Prenuptial agreements are not just for couples where a significant amount of wealth is involved.
- Life insurance. In the earlier stages of life, life insurance is very inexpensive to buy. In exchange, you can provide your family with financial security in the event that you die unexpectedly.
Fortunately, we are here to talk you through all of the important aspects of estate planning. To learn more, we encourage you to check out our client testimonials page today.