Estate Planning for Couples: Wills, Trusts, Powers of Attorney & Asset Protection
Couples come in all forms: married, registered domestic partners, dating, or other less traditional or formal arrangements. Estate planning for couples, regardless of relationship structure, is an act of love at any age.
Planning for Incapacity: Who Will Make Decisions for You?
Couples should consider who will make decisions for them, financially and medically, if they become incapacitated. For married couples, the answer may seem obvious, but that is not always the case under the law. Having these conversations and formalizing a plan provides clarity, reduces the risk of family conflict, and ensures your wishes are honored.
This can be addressed through a Durable Power of Attorney for financial decisions and an Advance Medical Directive (Healthcare Directive) for medical decision-making.
Transferring Assets at Death: Wills and Trusts
Couples also want to ensure that assets are transferred properly upon death. This is typically accomplished through a Last Will and Testament or a Revocable Living Trust, both of which are essential estate planning tools. However, a Will or Trust is only part of a comprehensive estate plan.
Read more on Estate Planning: Addressing Needs at Every Age and Stage.
Beneficiary Designations and Asset Titling Matter
Other critical tools include beneficiary designations on retirement accounts and life insurance policies, as well as proper asset titling through deeds. Married couples may consider holding property as tenants by the entirety, while others may hold title as joint tenants with right of survivorship or tenants in common, depending on their goals. These decisions are powerful. In many cases, how assets are titled or how beneficiaries are designated can override what is written in a Will.
Legal Tools to Protect the Person You Love
No matter the make-up of your relationship, there are legal tools available to protect your partner, avoid probate complications, minimize disputes, and provide lasting security for those most important to you. Read more about what the estate planning process looks like when working with Ms. Maguire here.
Ms. Maguire is an estate planning attorney in Baltimore, MD.
*This blog is for educational purposes and does not constitute legal or tax advice.
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