From Our “Ask a Question” Mailbag: “As an estate lawyer near me Doylestown, can you explain the estate planning documents suggested for someone getting married?”
Peter Klenk, Estate Planning Lawyer, an Estate Planning Lawyer Near Me Doylestown.
Estate Planning and Marriage.
Planning a wedding can be exciting and exhausting. While making the many necessary decisions, you can easily overlook addressing your estate plan. This can be a costly mistake. Marriage is many things. Marriage is most certainly a financial arrangement. With your vows come legally binding obligations. Put aside the decisions about venues, DJs, and where to sit that odd cousin and let’s talk estate planning.
Estate Planning Before the Wedding.
- Prenuptial Agreements: The second you are married the law assigns your spouse legal rights against your assets. Thus, whether you like it or not, you will always have a prenup. Either the court or you will determine the terms. It is better to have you define the conditions rather than some future judge. Prenups are common. They address financial arrangements should you divorce or die. The best time to sort out these details is before the wedding. If you cannot come to a business agreement when you are both happy and in love, then you may wish to give your relationship a second look. Economic issues are one of the most common stressors that cause failed marriages. Address these issues early and agree. For more information, follow this link, Prenuptial Agreement Lawyer. Why not have this conversation with an Estate Planning Lawyer Near Me Doylestown?
Estate Planning After the Wedding.
Now that you are married, you are an emotional and financial team. You likely rely on each other and, should one of you become incapacitated or die, your team needs a plan.
- What if One of You Dies? The Will. Should you or your spouse dies, is the house protected from creditors? Have you decided on a guardian for your minor children? Do you have protective trusts set up for your spouse and children? An unexpected death is devastating, but don’t let it prove financially fatal. Set up a plan for your team. Have your team ready, and able to work with an Estate Planning Lawyer Near Me Doylestown.
- What if One of You Is Incapacitated?
- A Power of Attorney. Car accidents and illnesses happen every day. If you are left unable to manage your assets, can your spouse speak for you? For example, say you both own the house, and your spouse wants to sell the home because he or she is unable to pay the mortgage without your income. Without a power of attorney granting your spouse the authority to sell your share, your spouse cannot sell the house. A Power of Attorney gives your spouse the ability to act for you financially. Most spouses want the Spouse-Agent to act if they are incapacitated. Therefore, we are often instructed to give the Power of Attorney to the Spouse-Agent ONLY if the client is incapacitated. This method allows you to have a Power of Attorney in case you ever become incapacitated, but the Agent has no access to it meanwhile.
- Living Will and Medical Power of Attorney. A medical power of attorney allows your spouse the ability to speak for your medical care. Further, it prevents other family members attempting to exert their opinions.
In Conclusion: Estate Planning Lawyer Near Me Doylestown.
Every married couple needs an Estate Plan. A detailed plan is especially vital when you have children.
Let our Estate Planning Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our Estate Planning Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Estate Planning Lawyer Near Me Doylestown.
It’s What We Do!