Structuring an estate plan for couples can be a bit more challenging than those tailored to individuals. You must take into account both parties’ wishes. While each pair has unique estate planning needs, there are a few objectives that most partners share when preparing for the future. Below are some examples of these common goals.

Common Estate Planning Objectives for Couples 

1. Maintain Control Over Assets 

Estate planning allows people to control how their assets are handled after they pass. Individuals often wish to give their property to the surviving spouse and children, ensuring their sentimental and valuable possessions don’t end up with distant relatives or creditors. In this way, they continue providing for their loved ones as they see fit. 

2. Plan for Incapacity

Estate planning can cover more than what happens after death. It’s also crucial for couples to consider how they want to handle their affairs in case they become incapacitated and unable to make decisions. Every document should designate a power of attorney. Couples can choose someone they trust to make medical and financial decisions on their behalf.                                                   

3. Minimize Taxes 

When prepared correctly, an estate plan may include strategies for minimizing the taxes owed upon someone’s death. Couples should prioritize this perk, so beneficiaries receive as much as of their inheritance as possible without losing a large portion to the government. Spouses must account for state and federal estate taxes, as well as state and federal income taxes. 

If you and your partner are ready to plan for the future, turn to the Galvin Realty Group, Inc., to create comprehensive documents that cover all your needs and stand up in court. With over three decades of experience, they offer Monroe County, NY, clients the quality legal counsel and tools they need to accomplish their estate planning goals. Call (585) 546-1290 to schedule a consultation, or visit them online to learn more about their services.