Estate Planning for Newlyweds: Securing Your Future Together
After the “I Do’s” are said, the beginning of an exciting new journey of life together starts. While most newlyweds may not have estate planning on the top of their to-do list, having a carefully drafted estate plan in place for your new life together is one of the best gifts a newly wedded couple can give each other. This is especially true for LGBTQ couples who now have the same protections as traditional couples in North Carolina. Having an estate plan provides a guide for navigating the uncertainties that come in life. It gives you security and peace of mind knowing you have a plan to protect your family in the event something happens.
Benefits of Estate Planning
Estate planning is more than just having a will that directs where your property is to go when you die. It is a holistic approach that provides your loved ones with directives for the management of your estate and the distribution of your assets if you are incapacitated or in the event of your death. The most common benefits estate planning provides include:
- Planning for Incapacity: If you become incapacitated and unable to handle your affairs, an estate plan can provide instructions for how others are to handle both your physical needs and financial affairs.
- Protection for Children: In the event of incapacity or death, your estate plan can name a trusted guardian to care for any minor children or special needs adult children, both physically and financially.
- Business Succession Planning: Estate plans are an excellent mechanism to provide an avenue to transition any business you may have at your retirement, incapacitation, or death.
- Long-Term Care Planning: If you are unable to work, an estate plan can provide financial stability and long-term care without exhausting your assets.
- Communicating Your Wishes: Having your decisions and desires in a clearly drafted estate plan can minimize turmoil between your loved ones.
- Naming Beneficiaries: For accounts that are beneficiary-designated, naming beneficiaries and ensuring it aligns with your estate plan is a critical step.
- Minimize Taxes and Expenses: Estate plans can also minimize taxes, court costs, and other legal fees.
At Hopper Cummings, we know that providing for your loved ones is at the heart of every estate plan. Nobody’s situations and needs are the same; therefore, we will work closely with you to develop a customized plan unique to your wishes and situation. Regardless of the size of your estate or the length of your marriage, we can help you with creating a last will and testament, revocable living trust, testamentary trusts, power of attorney, and medical directives. Contact us today for a confidential consultation at 919-533-4115, or complete our online form.
