Estate Planning for Young Couples

While estate planning is often not a priority for young couples, it really should be. Estate planning offers many benefits, including control over property distribution at your death and control over who can make financial and health decisions on your behalf in the event of your incapacity. While the stakes get higher when minor children are involved, even young couples without minor children need an estate plan.

Guardians for Minor Children

If you have minor children, it is important to name a guardian to care for them in the event you and their other parent die unexpectedly. If you do not appoint someone, it may result in a fight between families for custody and a judge may make the final decision.

Assets and Beneficiaries

Even without minor children, young couples need to consider their estate plan. In Florida, a common law property state, the asset to the title determines ownership. Therefore, an important part of estate planning is reviewing the title to property, vehicles, and other assets, to ensure title is properly held. If not, it needs to be clarified or amended to avoid unnecessary fights after death.

Similarly, life insurance and retirement plans often have a beneficiary designation. When a young couple is reviewing their estate plan, it is important to review the beneficiary designation on those accounts to ensure they would pass as intended. Having an attorney on your side to review the beneficiary designations is beneficial, as they are likely able to point out potential issues, such as naming a minor child as a beneficiary.

Powers of Attorney

Even if you do not own much property, an estate plan is still critical. Spouses do not automatically have the legal authority to make financial or medical decisions on behalf of the other. Instead, each spouse needs a power of attorney and health care surrogate.

A durable power of attorney can name a trusted individual (usually your spouse) to make financial – and other – decisions on your behalf in your absence or incapacity. A health care surrogate, on the other hand, allows a trusted individual (again, usually your spouse) to make health care decisions for you if you are incapacitated. These documents, when properly drafted and executed, can often prevent the need for an emergency (and costly!) guardianship designation.

Frequent Reviews

Once you have drafted your estate plan, it is not done forever! As circumstances change and life moves on, your estate plan and/or designations may change, too. It is important to review your estate plan at least every two to three years to ensure it is still up-to-date.

Questions?

The above list is not exhaustive, but it highlights some of the common reasons young couples need to consider estate planning. If you are in Florida and are interested in discussing whether a will is right for you, contact us today. If you’re ready to get started on your Florida estate plan, you can do so here.