It is a common misconception amongst many married people in the Saint Paul area that they do not believe they need estate plans. Many of them do not realize the importance of having estate planning documents in place.
If you are thinking about getting marries or are already married, you should consider taking steps to get your estate in order before you die. If you do not, your spouse and kids may not get their inheritances. Take some time to review the following reasons why estate planning is beneficial for married couples.
Benefits of estate planning
Estate planning provides many benefits for both single and married individuals. Besides allowing them to maintain control of their assets, it also:
- Offers financial protection for loved ones
- Reduces estate taxes and fees
- Allows you to choose guardianships for children
- Manages the transfer of shared assets
There are so many different avenues one can take when creating estate plans. Careful consideration must be given to every possible outcome to maximize their effectiveness and protection.
Considerations about estate plans for couples
It is not uncommon for married people to have differing views about estate planning. They may also have personal information they do not want their spouses or family members to learn about. Couples are not required to create joint estate plans. However, they can leave behind joint and personal estate plans.
Avoiding conflicts of interests
Sometimes, couples may leave behind multiple estate planning documents that create a conflict of interest. One example is when one person has kids from a previous marriage she or he wants to financially provide for upon death. This person’s spouse may not agree with her or his partner’s desire to make biological kids beneficiaries instead of their stepchildren.
Whether you and your spouse are creating joint estate plans or focusing your efforts on individual ones, you may want to speak with an attorney to learn strategies that can help you protect your legacy and interests.
