NEWLYWED ESTATE PLANNING

Young couples, especially newlyweds and those expecting a child, need to protect their family with an estate plan. Not usually top of thier list, but essential to protecting the new family. As estate plan can give guidance on exactly what they want to happen.

John Smith and Jane Doe have been married for only six months when Jane learns she is pregnant. Although they are thrilled by the news, they also realize that this new life will change their lives forever… not the least of which is their estate planning.

Whether you have been together for a long time or just recently tied the knot, if you're expecting a child it's time to get serious about your estate plan. If John and Jane don't do anything else before the baby arrives, they should at least check to see that their wills are up to date.

In addition to updating their wills, John and Jane should also discuss their estate plan with an estate planning attorney. They'll want to make sure that their assets will pass smoothly to their loved ones after they're gone. One of the most important things to consider is how to avoid probate.

PROBATE IS EXPENSIVE

Probate can be a long and expensive process, and it's one that John and Jane can easily avoid with the help of an estate planning attorney. There are a number of different ways to do this, but one popular option is to set up a living trust.

A living trust is a legal document that allows you to transfer your property directly to your beneficiaries, bypassing the probate process altogether. This can be a huge advantage when it comes time to pay outrageous probate administration cost and fees.

If John and Jane set up a living trust, they can avoid paying estate taxes on the property that's transferred to their beneficiaries. This can be a huge saving, especially if they have a large estate.

Another important thing to consider is who will take care of your children if something happens to you. If you don't have a plan in place, the courts will appoint a guardian to take care of them. This can be a costly and time-consuming process, so it's best to make your wishes known ahead of time.

John and Jane should also nominate an executor for their estate. This is the person who will be responsible for wrapping up their affairs after they're gone. It's important to choose someone you trust who will handle things in a timely and efficient manner.

Creating an estate plan is an important step for any young couple, but it's especially important if you're expecting a child. By taking the time to plan ahead, you can ensure that your loved ones are taken care of after you're gone.

If you need help getting started, consult with an estate planning attorney who can guide you through the 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.

 

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Cortes Law Firm

5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

405-213-0856