Estate Planning for Couples

Estate planning is important, though at times may be difficult to discuss. While marriages vary significantly, many couples share some estate planning needs. It is important to discuss estate planning with your partner to develop an understanding of assets and to determine what appropriate disposition should be. This is something that often will change over a lifetime as life evolves. For some people it is important that children inherit in order to help them start their lives or improve their future circumstances. For some, it is important that a spouse receive a large share of an estate. The right situation is different for each couple.

When you marry, you should rewrite your will or modify it. In all states, to include New York, a spouse is entitled to a statutory share of an estate. Thus it is not possible to completely disinherit a spouse. There are many factors to consider in estate planning. It may involve ensuring that there are sufficient funds for children or grandchildren to attend college. If trusts are created for children or grandchildren, there are considerations as to what age they should receive trust proceeds outright or if the trust proceeds should continue for the duration of their lives.

When you are ready to plan your estate, you should consult with an experienced attorney who can advise you of your legal rights and obligations and help you achieve the estate planning goals that are most appropriate for you and your family.