Couples without children may think it is unnecessary to do any estate planning. After all, their spouse will get the money and assets, and the court can decide what happens to them after the last spouse dies.
Although it may sound like a good reason at first, there are many things it does not consider. Other situations may require some sound estate planning.
When No Estate Plans Can Be Found
After your death, if no estate plan can be discovered, a court will decide what happens to your assets. States have a predetermined list to go through as to how your assets are distributed. It will not matter if you promised to give some assets to a relative while still alive if you do not have a will or trust. Any provisions you hoped would go toward a certain person’s needs will be ignored.
Choose Someone for Power of Attorney
If one spouse is a survivor, but can no longer make responsible financial decisions, someone that you trust needs to be appointed to handle your finances. Once you have designated someone with durable financial power of attorney, that person can pay the bills, provide for your basic needs, buy medications, order medical treatment, and more.
