Estate Planning Only Done for One Spouse
One of the major questions people have when doing their estate planning is: “if we’re married why can’t we just do estate planning for one of us?” The answer to this question is simple: there is no way to know who will pass first when drafting these documents.
What happens if you spend the money to draft all the document in one person’s name and the other spouse passes first? This could land you in probate court spending an abundance of money and time to resolve the issue when it could have been easily avoided by just drafting the documents for both spouses from the beginning.
Additionally, this begs the question of “what happens to any separate property owned by one spouse in the event of his/her passing?” When there is no estate plan, the rules of contract apply. Bank account titles control. Beneficiary designations operate to pay benefits only to those named when the beneficiary designation was made – and they are not changed by marriages, deaths, divorce, or a new will. This essentially means any property laid out in a prenuptial agreement or exempt from the marital property rule can be taken into question without a clear will to lay out the desires of the deceased spouse.
The main goal of estate planning is simply to avoid probate and make the process as swift and uncomplicated as possible for the surviving spouse and rest of the family.
Failing to plan is planning to fail.
Call (248) 643-9530 or email firstname.lastname@example.org for a consultation.
For more information visit our website http://www.zeiglerlaw.com/Legal-Will.html