Couples sometimes have a false sense of security regarding estate planning. They assume that their spouses should inherit most, if not all, of their assets. They also believe that their spouses have the ability to manage their finances and handle their medical needs should an emergency arise.
Contrary to what many married couples believe, estate planning is especially important for those who have combined their lives. Spouses need to take appropriate steps to protect one another, as well as their other loved ones. They need to consider the stress that comes with the loss of a loved one or a major family emergency.
What estate planning moves are typically necessary for husbands and wives?
Documents addressing asset distribution
Intestate succession laws in Nevada favor surviving spouses. When people die without wills, their spouses frequently inherit a large portion of, if not all, their property. However, those assets are vulnerable to claims from other heirs, including children. Additionally, creditors, tax authorities and possibly even the Medicaid estate recovery program could lay claim to some of the assets owned by the estate.
Married couples may choose to start a community property trust as a means of preserving their resources. They can also provide clear instructions about what happens in the event of the death of one spouse and after the passing of the surviving spouse. Even if spouses rely on a will rather than a trust, they can clarify what their spouses receive and what should go to other beneficiaries.
Documents planning for emergencies
Advance directives and powers of attorney are important for married couples, not just single people. Even if spouses have previously talked about their medical priorities, it is easy for one person to remember details inaccurately during the stress of a medical emergency. They may then have to live with guilt and regret if they make the wrong decisions. Advance medical directives provide clear instructions regarding emergency medical care. They also help ensure that a spouse has the necessary access to records to guide the treatment provided.
In some cases, married couples choose to nominate agents other than their spouses. Such arrangements take pressure off of an already-stressed spouse in an emergency and protect against scenarios in which both spouses become incapacitated simultaneously.
Getting married or reaching major anniversary milestones can be a reason to create an estate plan or to modify an existing one. Husbands and wives who have thorough estate plans can protect one another and themselves from a wide variety of challenges. An attorney can help spouses achieve their goals for providing for and protecting one another. The right plans can help ensure that the whole family responds appropriately when someone dies or experiences a major medical emergency.