Estate Plan for Newlyweds

Oklahoma City OK

22 December, 2021

12:07 PM

Description

Young couples should make a plan for themselves and their family. It is important to have a plan so you don't have to worry about it later. John Smith and Jane Doe have been married for six months when Jane finds out she is pregnant. They are happy but know that this will change their lives. The pregnancy will affect the way they do estate planning. If you are expecting a baby, you should plan for what will happen to your house after the person who lives in it dies. Maybe John and Jane have wills that are not up to date. If so, they should fix them before the baby is born. John and Jane should speak with an estate planning attorney about their Estate Plan. They'll want to make sure that their loved ones receive the assets they deserve after they're gone, so that they avoid probate. Probate is a long process that can be expensive. It's an option that John and Jane can avoid with the help of an attorney. A living trust is one of the most common ways to do this. Set up a living trust if you want to leave your assets to someone else after you pass away. A living trust is a legal document that allows you to bypass the probate process and transfer your property directly to your beneficiaries. There is a way to avoid paying high probate fees. You can use a trust instead of someone’s will. If John and Jane set up a living trust, they will not have to pay probate fees or costs when they transfer their assets to their beneficiaries. This can be a huge savings. If someone has a large estate, it will take less money. Another key thing to consider is who will look after your children if something were to happen to you. If you don't have a strategy in place, the courts will appoint a guardian to look after them. It could be someone you have never met. Someone your children have never met. It's important to communicate your preferences ahead of time since this might be a time-consuming and expensive procedure. An executor should be designated for the estate of John and Jane. This is the individual who will be in charge of closing down their affairs after they've died. It's critical to choose someone you can trust who will handle things correctly and swiftly. Any young married couple should have an estate plan in place, but it's especially vital if you're expecting a kid. You can set your family up for success after you've gone by taking the time to prepare ahead of time. If you want assistance starting, talk to a legal professional about how to go through the estate planning process. This article was written by Estate Planning Attorney, Stephen Cortes. For more information please visit our website: https://corteslawfirm.com/ This article is for informational purposes only and should not be taken as legal advice. Hire an attorney.