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Dual income, no kids: 3 Estate plan essentials

On Behalf of | Jun 2, 2017 | Trusts |

Families have changed since the 1950s when the dream included a stay-at-home spouse and two or three children. Fast forward to 2017 and more variety exists in the shape and size of an ideal family.

For more couples with a focus on dual careers, fertility issues or innumerable other factors, children are not a part of the plan. Women with university and graduates degrees are less likely to have children that those with only high school diplomas according to YaleGlobal.

In this post, we want to cover three issues that can come up for some of these couples.

Powers of attorney/health care directives for incapacity

A financial power of attorney and health care directives are thoughtful documents that designate authority to a trusted person to step in if you even become incapacitated. For power couples in their 30s to 50s who feel unstoppable, it’s still important to consider that the unexpected from a debilitating auto accident to a cancer diagnosis rarely comes with advance notice.

Individual circumstances are unique. These forms must be tailored to be effective.

Charitable giving goals

Another facet of an estate plan is designating who should receive gifts from your estate. A charitable remainder trust can be an effective tool. It allows you to live off assets with in the trust until death. Then the remainder is gifted to a charitable cause you feel strongly about and want to support into perpetuity.

Protecting a partner

Along with changing family structures, more committed couples are foregoing marriage . The number of unmarried households continues to increase. From 1993 to today, the numbers have gone up by 133 percent.

If one partner dies or is incapacitated it can lead to problems when there is estate plan in place. Privacy laws could restrict a partner from getting information or making crucial medical decisions. Dying without a will in Colorado means state intestacy (default) statutes kick in to determine who inherits what.

Starting a conversation can be is tough, but there is peace of mind that comes once an estate plan is complete and in the filing cabinet.