Couples, depending on the stage of their lives, have different estate planning considerations and goals. However, without an estate plan, none of these goals will be met and Pennsylvania intestacy laws will dictate how a couple’s assets are distributed.
Couples with Minor Children should draft an estate plan that designates guardians to care for their children should something happen to both parents. They may also want to establish a trust to support their children’s financial well-being and provide guidance regarding how they would like their children to be reared.
Couples with Young Adult Children may be interested in protecting their children’s inheritance from a spouse or partner or providing guidance on when distributions should be made to their adult children.
Couples with a Blended Family may want to craft an estate plan that balances the needs of a new spouse while also ensuring that children from previous marriages receive an inheritance.
Couples in their Golden Years may want to prioritize asset protection planning and tax minimization and revising inheritance plans to benefit their children and grandchildren.
Couples in Medical Crisis require planning that ensures the partner in medical crisis has the necessary documents in place to enable the other spouse to act and planning that takes steps to protect assets from Medicaid.
Unmarried Couples do not have the same legal rights as married couples so they may want to implement an estate plan that ensures that upon one partner’s death, the other receives the intended assets as an inheritance without family or the state intervening to change the outcome. Powers of attorney (financial and healthcare) are particularly important for unmarried couples so that each partner has the necessary legal rights to make healthcare and financial decisions should the other one become incapacitated.
Of course, no estate plan would be complete without a financial power of attorney, health care power of attorney or living wills- documents all couples should have regardless of their stage of life.
Secure Your Future Together contact HighPoint Law Offices today. We understand every couple is different and we’re here to provide personalized, caring guidance for your unique situation.
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- Estate Planning Matters for Couples at Every Stage - September 10, 2024
