A will is a necessary document for any adult — whether they have children or not. It is true that a will is crucial for parents as in it they can designate a guardian for their minor children if one needs to be appointed. However, it is just as important for couples without children to have a will.
Considerations Couples Should Make
When creating a will, couples will have critical decisions to make.
Power of Attorney
There are three types of power of attorney:
- General Power of Attorney: This goes into effect as soon as it is signed. However, this type of power of attorney can not speak on your behalf if you become incapacitated.
- Springing Power of Attorney: This goes into effect if you were to become incapacitated. There needs to be a specific (or “springing”) event to take place before this person is allowed to speak on your behalf.
- Durable Power of Attorney: This type of power of attorney goes into effect once it is established and lasts for a lifetime, even if you were to become incapacitated. This type of power of attorney can be designated for specific areas such as medical or finances.
Couples without children should consider who they want as the beneficiary or beneficiaries of their estate. This is not limited to people — couples could choose a charity, other organization, or fund that would receive profits from property sold or other financial contributions as a beneficiary.
When designating a beneficiary or beneficiaries, it’s important to let that person, persons, or organization know about your plans. If you would rather keep this information private until after you pass, designate a trustee to oversee the will and ensure that your wishes are fulfilled.
Don’t Forget Your Pets
Many couples are pet owners. Make sure your will is up-to-date about the future care of your pet. You can also designate assets to be set aside to help cover expenses for your pet’s care.
Getting Started on Creating a Will
Creating a will can be done without legal help, but will you feel confident that your will is valid? The experienced lawyers at Chipman Mazzucco Emerson LLC have created thousands of wills and know exactly what to include. See how our team will help protect your family’s future.