How does Marital Status Affect Your Estate Planning?
No matter your circumstances or stage in life, estate planning is an essential step in securing your future. Dying without an estate plan could leave your loved ones with more questions than answers. Whether married, unmarried, divorced, or remarried, keeping your estate plan up-to-date and aligned with your wishes is crucial.
Unmarried
A common misconception among young adults and others is that you need to be a certain age, have children, or be “settled down” before beginning your estate plan. However, this is not the case. Unmarried individuals are just as likely to face unexpected death or incapacitation and should have a safety net in place. Estate planning applies to individuals of any age, marital status, or financial standing.
If you are single and plan to marry in the future, be ready to revisit your estate plan after marriage. In the meantime, it is equally important to prepare for the present. Additionally, unmarried couples are not automatically recognized as legal heirs. If one partner dies without a will or trust, state law will govern the estate distribution, and the surviving partner will not be included as a beneficiary. Thus, couples who wish to leave assets to each other should prioritize estate planning.
Newly Married
Marriage is often seen as the start of a new chapter, making it an ideal time for future planning. Amid the excitement of newlywed life, it can be easy to avoid considering what might happen if you or your spouse were to pass away. Although this may be an uncomfortable topic, addressing it directly will prevent uncertainty. As you acquire assets such as vehicles, real estate, or personal valuables, consider updating your will or any existing trusts as needed.
Joint Estate Planning
Joint estate planning may be a suitable option for married couples, depending on their unique circumstances.
A joint estate plan can offer both advantages and potential drawbacks.
If each spouse has different intentions regarding the distribution of their assets, separate estate plans may be preferable. Consulting with an experienced estate planning professional could provide clarity on these options and assist in facilitating the process.
Divorced
Whether you prefer to disinherit your former spouse or simply adjust their role in your estate plan, revisions are necessary following a divorce. It is recommended to review designations as they relate to powers of attorney, an advance directive, or their status as executor of your will. An estate planning professional (separate from a divorce attorney) can be a great guide when altering your existing documents, including:
Following a divorce, it is essential to update your estate plan to reflect your new circumstances. Whether you wish to disinherit your former spouse or adjust their role in your plan, certain revisions will be necessary. It is recommended to review designations as they relate to powers of attorney, an advance directive, or their status as executor of your will. An estate planning attorney (separate from a divorce attorney) can assist in updating documents such as:
- Power of Attorney
- Advance Directive
- Last Will and Testament
- Revocable Living Trusts (if any)
Children
Protecting your family by carefully planning for the guardianship of your children is critical. In your Last Will and Testament, you may specify your preferred guardian for your child(ren). This may be a current or former spouse, a family member, or another trusted adult. Be sure to discuss guardianship and childcare preferences with any involved parties to confirm their willingness and ability.
In addition to designating a guardian, establishing a trust is another way to provide lasting care for your children. Assets and childcare funds can be placed in a trust, where they will be safeguarded and allocated according to your instructions. It’s important to pay extra attention when naming beneficiaries for stepchildren, adopted children, and children from previous marriages.
Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.
For assistance with Maryland and D.C. wills, estate planning and probate, contact the
Law Offices of Elsa W. Smith, LLC at
410-995-7719
