It’s not morbid to think of planning your estate right after you get married—it’s simply practical. Though you and your new bride or groom may have lived together for a long time already, your legal status changes when you get married. This is reflected in how a court might rule if you were to die intestate (without a will) and related tax matters. These are all considerations that an estate planning lawyer State College, PA trusts is quite familiar with, and we have helped many new families with their legal matters over the years. If you would like to take of your estate planning matters quickly and painlessly, give us a call. Request a free consultation to learn from an experienced estate planning lawyer how we can be of assistance to you and provide your family with the peace of mind that they deserve.
You have options when it comes to estate planning. After gaining an understanding of your needs, an estate planning lawyer from our firm can explain how each may or may not benefit you. Here is a general overview:
If you have an existing will, you may wish to update it and name your spouse as a beneficiary. If your will has not been updated since a prior marriage, you may need to remove your ex-spouse and possibly others as well. Keep in mind that you can also name your spouse as the executor of your will if you choose. (A change to an existing will is referred to as a codicil.)
A Living Will
This estate planning tool specifies how you want to be medically treated or not treated when it comes to end of term healthcare decisions such as a do-not-resuscitate. This can be done with a living will and it will speak for you if and when you are unable to speak for yourself.
Power of Attorney
You may wish to give power of attorney to your spouse in the event that you are unable to make important decisions on your own because you become incapacitated. Usually, the power of attorney refers to financial, legal, and business decisions. When it comes to medical care, power of attorney may be referred to as a health care directive.
There is more than one kind of trust, and each has its advantages and disadvantages. If you were to pass away before your new spouse, joint ownership of certain assets such your home and vehicles will likely mean they will not have to enter the probate process. This may influence your decisions about what kind of trust may benefit your family the most. Talk to an estate planning lawyer to find out more about trusts, and what tax advantages they may offer.
Estate Planning is a Family Matter
When it comes to estate planning, one can never be too young. It’s important to make sure your family has a clear direction when it comes to your final wishes, even if that moment is far in the future.
Thank you to our friends and contributors at De Boef Lucchesi, P.C. for their insight into estate planning.