Table of Contents

Is Probate Required if There is a Will?
When is Probate Necessary in New York?
Best Estate Planning Lawyers in Brooklyn: Why it is important?
Do I need an Estate Plan?
Estate Planning for a Married Couple: How to do it?
Estate Planning for Business: Why it is Important?
What is Estate Planning?
What does an Estate Plan include?
Is Estate Planning only for the Wealthy?
Estate Planning for Singles: Widowed, Divorced, and Never Married!
Estate Planning for Pets: Why it is important?
Estate Planning for Children: How to do it right?
Estate Planning Checklist: Important Guidelines & Details!
Estate Planning for Business: Why it is Important?
What Is Estate Planning?
What Does an Estate Plan Include?
Is Estate Planning Only For the Wealthy?
Estate Planning for Pets: Why You Need To Do It?
Estate Planning for Children
Estate Planning for Singles
Estate Planning Tips for A Married Couple
Do I Need an Estate Plan?
Estate Planning for Business
Estate Planning Lawyer
/Common estate planning scams you must ignore
Benefits of Estate Planning for Low Income Individuals
Why Estate Planning for Minors is Important?
Estate Planning for New Parents & Couples!
How to do Estate Planning for Non-US citizens?
How to do Estate Planning for Separated Spouse?
Estate Planning for Young Families & Couples!
Estate Planning Goals For Blended Families
What is Estate Planning in a Digital Age?
Estate Planning Strategy In The Digital World
Importance of Estate Planning In the Down Economy!
Estate Planning Is The Best Tool to Save Inheritance Tax
Estate Planning Process & Step by Step Guide!
Why Estate Planning for Elderly Parents is Important?
How to do Estate Planning for Digital Assets?
Estate Planning for Childless Couples & How to do it?
Custom Web Design
Estate Planning Errors to Stay Away From
Estate Planning Documents: All Must Have Important Docs in Details!
Estate Planning At Different Ages
Estate Planning and the Military; Understand the Importance!
Estate Planning: What happens when your spouse dies?
Estate Planning: Living Trusts vs. Will Difference & Importance!
Estate Planning Errors Through Digital Means
Do You Need A Probate Attorney After Estate Planning
Do Retirement Accounts Go Through Probate?
Estate Planning: Difference between a Will and a Trust!
Challenging Estate Plans – Fraud
Estate Planning: Difference between a Living Will & Power of Attorney

After getting married one of the most important legal decisions that a couple takes is of estate planning. Estate planning is a way of ensuring that after you are gone, your spouse and your children are well taken care of. Thus, this article pertains to the various elements that a married couple must consider while estate planning. Proper and well-documented planning is the best way to distribute your assets among your loved ones.

What Is Estate Planning?

Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a mess in the later times.

Why Is Estate Planning Necessary?

Here are some of the common and important reasons as to why any married couple should opt for estate planning.

  • It helps you give control of all of your assets after your death.
  • It ensures the financial stability of your family even when you are not around.
  • You can have your own medical guardian just in case you are not in a position to make fair decisions.
  • It makes the transition of property and assets to the beneficiaries and spouse pretty easy.
  • Through estate planning, you can choose the person to administer your assets. This might not happen if the decision lies in the hands of the court.
  • The burden of funeral planning can also be reduced through estate planning.

Estate Planning for Married Couples

There are so many reasons why estate planning must be considered by married couples. These are some of the important reasons and tips for married couples regarding estate planning.

Tax Deduction

It is one of the most popular reasons why married couples opt for estate planning. If you end up giving all of your estate to your spouse, you can actually lessen tax burden. This is called the marital deduction. The estate would naturally take a marital deduction for the amount of property your spouse inherits. But the thing is there is no limit to the marital deduction. If you want your spouse to take care of all your assets after you are no more than this is one of the best ways to do it.

Child Guardianship

If you and your spouse have minor children then it is necessary to mention the guardian of your children in the will. This is necessary as it will ensure the custody of the child after your death. In the case of death of both the parents then the child is given to a third guardian. Mostly the guardianship is given to the better half or to a very close family member.

Remember if you have no children or if you have children who are not minor then legal guardianship is not required in estate planning.

This same rule applies in the case of pets as well. You can appoint any guardian to your pet in case if something happens to you. You can legally give the authority to the appointed guardian through estate planning.

This shows that the field of estate planning is really very dynamic and you can use it to legally distribute all your belongings to the specific people of your choosing.

Marital Property Distribution

Marital property pertains to the property that you have acquired together as a married couple. It can be a joined account or a property or a car. Now normally if one of the partners dies, the property goes to the other obviously. But you need to discuss with your spouse who to give it to, in case you both meet with an accidental death. You can give the authority of your marital property to your children or a close relative who you trust the most. It is necessary to always pass on your assets to people who would take good care of it.

Health Care Planning

This is a must for people who are thinking of estate planning. Through health care planning you can give authority to your spouse to make medical decisions for yourself just in case you can’t do it yourself.

Conclusion!

It is highly essential for all the married couples to have proper estate planning and we hope that this article will help you in this respect. Call us and speak with an experienced estate planning lawyer to discuss your individual situation and see what type of estate plan can best help you!

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