As a young couple, you are probably very busy. Your busyness may include a first home, starting a family, and career changes, to name a few. Estate Planning decisions and activities for a young couple should include a number of items:
- Executing an Advance Directive for Health Care designating healthcare agents and providing them with treatment preferences and a Financial Power of Attorney naming an agent to take care of financial matters during times of incapacity.
- If you have children, creating a Last Will and Testament and naming Guardians for your children in the event of the untimely death of both your spouse or partner.
- Make sure that you are both owners of bank accounts or if you wish to keep your accounts separate but wish to avoid probate if one of you passes, either name your spouse/partner as a beneficiary on the account or include a Revocable Living Trust in your estate plan.
- Make sure that your home is owned joint with rights of survivorship, if you wish for the home to transfer to your spouse/partner in the event of your death.
- Reviewing the beneficiaries on various accounts (IRAs, 401(k)s, brokerage accounts, etc.) to ensure that you have designated your spouse or partner and the appropriate individuals as contingent beneficiaries or a trust for your minor children if you have children. As a young couple, you may have named your parents or siblings previously as beneficiaries, so reviewing these designations is important.
- Reviewing your insurance to determine if you each have sufficient life insurance to provide for your family in the event of your death. If both spouses/partners are working, this may be income replacement or if one spouse/partner is a stay at home parent, this may include income replacement for the working parent and funds to cover child care and assistance with the children for the stay at home parent.
At Grissom Law, we work with clients in all stages of life, including young couples, to develop estate plans that meet their specific needs. Contact us at 678.781.9230 to schedule an appointment to discuss your estate plans.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.