8 Steps to Designing Your Initial Estate Plan as a Married Couple

8 Steps to Design Your Foundational Estate Plan as a Married Couple

1. Assess Financial Situation:

   • Review all assets, liabilities, income, and expenses.

   • Consider any joint assets acquired during the marriage.

2. Define Estate Planning Goals:

   • Discuss long-term financial goals, such as retirement planning, saving for children’s education, or purchasing a home.

   • Determine how assets should be distributed upon death.

3. Create Essential Documents:

   • Wills: Each spouse should have a will that outlines how their assets will be distributed.

   • Durable Power of Attorney: Designate someone to make financial decisions if one becomes incapacitated.

   • Healthcare Power of Attorney: Appoint someone to make medical decisions if one is unable to do so.

   • Living Will: Specify wishes regarding medical treatment in end-of-life situations.

4. Consider a Living Trust:

   • Evaluate whether a trust is beneficial for managing assets, incapacity planning, probate avoidance, reducing estate taxes, or protecting assets from creditors and divorce.

5. Review Beneficiary Designations:

   • Update beneficiaries on life insurance policies, retirement accounts, and other financial accounts to reflect marital status.

6. Plan for Children:

   • If applicable, consider guardianship arrangements and financial provisions for children.

7. Tax Planning:

   • Understand the implications of estate and gift taxes and explore strategies to minimize tax liabilities.

8. Regular Updates:

   • Schedule regular reviews of the estate plan to accommodate changes in financial situation, family dynamics, or legal requirements.