Somtimes, married couples without children find it unnecessary to estate plan. While it might be better for some, not all couples fail to estate plan when they're childless. In our last blog post, we talked about why you might should consider estate planning in Cary NC, even when you don't have kids. Today, we are going to talk further about this.
Estate Planning in Cary NC
If you have a will, an important part of your estate plan as a couple with no children is to determine who is going to be executor. It can be a family member, trusted friend, or your lawyer. Another option is to transfer your assets to a joint revocable living trust, which allows you to set up beneficiaries to determine where your assets should go. A benefit of using a living trust is that your estate would not have to go through the probate process to carry out the terms of your will, which can be time consuming and costly. A lawyer who knows state probate laws can help determine if this is the best option. If you do go this route, be sure to fund the trust with your assets, otherwise it will not be valid.
You may also want to set up a power of attorney (POA) to outline what you want to happen in financial and medical matters should you and your spouse become unable to make decisions on your own. You can appoint each other, but it may be good to have another option in case both of you become incapacitated. If that happens and you have not designated a third choice, your family will have to go to court to have someone appointed.
When naming someone as POA, be sure to talk with them to make sure they understand you and your spouse’s wishes, and that he or she will be comfortable carrying them out.
Many people who do not have kids treat their pets as children, so do not forget them in your plans. Be sure to find someone willing to take care of them and designate them in your will. You can also set up a small trust for the pet so that the new owner can afford to take care of your beloved animal.
We hope these tips help you understand why estate planning in Cary NC, despite not having children is important. Please contact our lawyers if you have any questions. Also, be sure to visit back with our previous blog post as well, as you'll find other tips.
Eldreth and Eldreth | Estate Planning in Cary NC
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our lawyer is here to help you get your estate plan in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to estate planning in Cary NC. Contact our office, today, to get started.
Also, remember that our law office offers other legal services for you, as well. Whether it’s entertainment law, family law, small business law and others, we are available to help you through your legal situation. Contact us, today, to make an appointment.