Estate Planning for Couples

First and foremost, it is critical for the lucky-in-love or anyone else to have an up-to-date will. Without one, your loved ones can be left with an administrative burden at an inconvenient time. In addition, state law would determine who receives your assets at death.

These laws do not always align with personal goals, particularly for many blended families. In addition, if a person uses beneficiary designations on particular assets, policies, IRAs, pensions, etc., it can wreak havoc on an estate plan if those designations are not updated following a change in family or relationship status such as divorce, death, marriage, etc. 

Couples also should discuss, understand, and execute their own medical and financial powers of attorney to authorize their spouse, partner, children, or other trusted agents to act on their behalf, if needed, as well as updated HIPAA forms. 

For couples considering marriage, it is very important to understand that state law grants certain property rights to spouses. Those rights should not be ignored as you plan your future together. Married couples may wish to opt out of some of these state law “defaults” — and unmarried couples should plan carefully to avoid any unwanted surprises for their partner or children. 

In addition, couples should discuss the possibilities of trust, guardianships, and the like.

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007