Most young couples do not take the death of either one into consideration when it comes to planning for the future. This perfectly understandable position seems logical until the realities of probate, guardianship of children, and other estate matters come into focus. For example, most people assume that certain after death acts will be automatic such as a spouse taking everything in the estate. But, in many states, the spouse will take all in limited circumstances with everything depending on intestate laws which have great variation between states. Retirement saving plans might also be a problem since beneficiary forms, created before a relationship and often immediately forgotten, may not name a person the owner now would want to inherit. These. and a wide swath of other issues, should be mentioned to any young couple that comes in for a consultation. While the expense may seem unnecessary now, preparation is enormously helpful should an estate plan ever need to be put into effect.
See Andrew Rusniak, Estate Planning for Young Families, JD Supra, June 26, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
