I Am Married And Do Not Have Children—Do I Still Need An Estate Plan?
Are you married without children? You are certainly not alone. According to the Pew Research Center, more than one in three married couples are currently in the same position. Even if you are married without children, you still need an estate plan. All adults in Massachusetts should have a well-constructed estate plan in place. Here, our Norwood estate planning attorney explains why it is so important to have a plan even if you are married and have no children.
Four Reasons You Need an Estate Plan If You are Married Without Children
- Ensure that Assets are Transferred According to Your Wishes
If you do not have an estate plan in place, Massachusetts law will control what happens to your property and assets. That may or may not be consistent with your wishes. You will not have direct control. Commonwealth law decides. Even without children, having an estate plan in Massachusetts ensures that your assets go exactly where you want them to go. As an example, your spouse may not automatically inherit everything if you have living parents. A proper estate plan allows you to designate specific beneficiaries and control how your property is handled.
- Limit Exposure to Probate
Probate can be a lengthy, complex process in Massachusetts. Most people want to limit their estate’s exposure to probate. The best way to do that is with a comprehensive estate plan. A well-crafted estate plan can reduce or eliminate the need for probate altogether. By using tools like revocable living trusts, jointly held property, and proper beneficiary designations, you can ensure a smoother transfer of assets to your spouse or other beneficiaries.
- Plan for the Risk of Incapacity
Estate planning is not only about what happens after death. It is also about what happens if you become incapacitated. In Massachusetts, a power of attorney and health care proxy allow you to name someone you trust to manage your finances and make medical decisions on your behalf. Without these documents, your spouse (or another trusted loved one) may need to go through a lengthy process in order to get the authority that they need to protect your best interests.
- Set the Foundation for if You Have Kids in the Future
If you are married and you are considering having children at any point in the future, a great time to start estate planning is now. You can set up a foundation that you can easily adjust when you do have kids (if that is what you decide to do). Indeed, an existing plan in place reduces future stress and ensures that you are not starting from scratch during a major life transition.
Contact Our Norwood, MA Estate Planning Attorney Today
At Fisher Law LLC, our Massachusetts estate planning lawyer has the professional experience that you can trust when it matters the most. If you have any questions about estate planning for unmarried, childless people, please do not hesitate to contact us today for a confidential case review. With an office in Norwood, we serve communities throughout the Greater Boston area.
Source:
pewresearch.org/social-trends/2024/07/25/the-experiences-of-u-s-adults-who-dont-have-children/
