Every year, approximately 45,000 marriages take place in Washington state. Making this commitment is an exciting step, and you and your new spouse are likely looking forward to spending the rest of your life together. Whether your plans for the future involve traveling abroad, purchasing a home, starting a family business, having children, or some combination of these goals, it’s important to recognize that there are several steps you can take early on to safeguard and preserve your shared vision for the future. Although the concept of estate planning may seem like a task that only applies to retired individuals or those with a substantial number of financial assets, anyone can benefit from putting some basic estate planning documents in place. Estate planning encompasses far more than just putting a will or trust in place that designates the beneficiaries who will inherit your assets once you have passed—documents like an Advance Directive for Health care, Powers of Attorney, and other estate planning tools can help you and your growing family enjoy greater control and certainty over the unpredictable future.
It’s never too soon to begin exploring your estate planning options with an experienced and caring Vancouver attorney who can listen to your goals and prepare a customized estate plan to support and protect you and your loved ones. Let’s take a look at why estate planning for married couples is important in Washington state and how you can start taking steps to keep the future as bright as possible.
Estate Planning Considerations for Newlyweds
As you and your new spouse begin your shared life together, it’s important to plan for any unforeseen events that the future may bring. Even young couples in good health may encounter difficulties at some point. Should the unthinkable happen without an estate plan in place, the surviving spouse will be left to navigate the aftermath of this tragic loss without the protections or guidance of a will or trust. In other words, Washington state’s intestacy laws will determine the allocation of property in the event of a person’s death. While these laws aim to align with how the majority of people would prefer their estate to be handled upon their passing, they do not always match the preferences of every individual. When you and your spouse take the time to create a basic estate plan, you can ensure that your wishes will be documented and respected when the time comes. You can also use the will to nominate a guardian to care for your children in the event of your incapacity or death. There are several ways to personalize your will to accommodate your specific needs and goals, so consider scheduling an appointment with a knowledgeable and trusted Vancouver estate planning lawyer to learn more about the benefits of wills and trusts for married couples in Washington state.
Estate Planning for New Parents
The birth of a child is an exciting time. When you welcome a new member of your growing family, it’s worth revisiting your will or trust and updating it to include your newest family member. Even though it may be unpleasant to picture a scenario where you and your spouse are unable to care for your children, taking steps to designate a guardian who can step in to provide your loved ones with the love and stability they need allows you to rest easier and face the future with greater confidence. Updating your estate planning documents to reflect any changes is important, whether your divorce has been finalized, you have remarried, or you and your spouse have adopted a child. You can also meet with your estate planning lawyer to discuss the potential advantages of establishing a trust to help support your goals.
Other Estate Planning Family Tools to Safeguard the Future
Whether you are interested in estate planning for married couples or estate planning for unmarried couples living together, working with an experienced and knowledgeable estate planning attorney is the surest way to make informed decisions with greater confidence. In addition to putting a will or trust in place, you and your spouse or partner may wish to create an Advance Directive for Healthcare. This estate planning tool allows you to document your wishes and preferences for healthcare treatment in the event that you become unable to communicate your preferences or make critical healthcare decisions on your own. For instance, if you suffer a serious car accident injury and you cannot make decisions about the medical interventions you wish to receive, your spouse can use the Advance Directive for Healthcare to make your wishes known. Newly married couples may also benefit from other incapacity planning tools, such as Powers of Attorney, succession planning for a jointly owned business, and other legal protections that aim to keep your best interests safe and secure.
Moving Toward a Bright and Secure Tomorrow
As you and your new spouse begin to enjoy your life together, it’s essential to take steps to protect it from unforeseen challenges that could arise. Updating beneficiary designations, creating wills or trusts, considering joint ownership of assets, combining finances, and planning for the financial well-being of your children are just a few of the ways you can begin to prepare for the future, no matter what it may hold. Prioritizing open communication between spouses regarding their wishes and long-term goals is the best way to ensure that you and your partner can move forward feeling lighter and more secure in your vision for the future. When you enlist the guidance of a dedicated and caring Vancouver estate planning attorney, you can ensure that all legal documents are properly drafted and that your assets are protected as you continue to enjoy your new life side by side.
It’s never too early to start working on your estate plan to keep your future as bright and secure as possible. At Myatt & Bell, P.C., we believe in building up, strengthening, preserving, and protecting families across generations. We invite you to call our Vancouver, Washington office at (360) 360-0212 or our Portland, Oregon office at (503) 641-6262 to get started.
The content on this blog is for general informational purposes only and does not constitute legal advice. The author of this blog is not an attorney, and the views expressed are solely those of the author. Always seek the advice of a qualified attorney for legal guidance regarding your unique situation.
