Should Young Married Couples Have an Estate Plan?
It is natural for young couples to want to put off thinking about estate planning. Not only can estate planning feel like something that is ‘far away’, but it can also be emotionally uncomfortable to think about. Still, while the urge to put it off is understandable, estate planning is extremely important for young married couples. You are never too young to put an effective estate plan in place.
Once you get married, it is highly recommended that you consult with an experienced Pearland, TX estate planning lawyer . Your lawyer can help you create a fully customized estate plan that will properly protect your family. If you have young children, estate planning becomes more than just ‘a good idea’; it becomes an absolute must.
On average, American married couples have their first kid within three years of their wedding date. Of course, not every couple chooses to have kids, but if you are already a parent, or you are planning on becoming a parent in future, your kids should be a central part of your estate plan.
To start, you must have the proper structure in place to provide assets for your children in the event that something happens to you or your spouse. This could include setting up a trust . In addition, you should always have guardianship set up for your children. While it is difficult to think about, parents must be fully prepared for the worst case scenario. Your estate plan should provide full legal protection for your children.
A key part of any estate planning is managing your assets. For married couples, it is often assumed that the assets will just pass to the other partner. If you want a different arrangement, or you and your partner have especially complex assets, this should be dealt with through an estate plan. In some cases, it may be in your best interests to establish a trust.
Further, all young couples should create an estate plan that clearly establishes how their health care decisions will be made and how their financial decisions will be made in the event that they become incapacitated. The last thing you want to worry about is your wishes not being carried out, or a dispute arising regarding how you will be cared for. You and your partner should be sure to set up a medical power of attorney, general power of attorney, and, if desired, specific advance healthcare directives.
At the office of John Powell III, P.C. , our dedicated estate planning lawyers have extensive experience representing young couples in Southeast Texas. If you and your spouse are interested in developing an estate plan to protect your family, we are here to help. To get a fully confidential consultation, please contact our law firm today. With offices in Pearland, we offer estate planning services throughout the region, including in Brazoria County, Fort Bend County, Galveston County, and Harris County.