Life Stages

Young, Married Couples without Minor Children

Once you’re married, this is the time when you and your spouse will begin to purchase assets together. This time in your life is the ideal opportunity to create plans of who should receive those assets if both you and your spouse are in an accident or pass away. These plans help prevent your loved ones from obtaining court supervision and paying for unexpected costs.

Some Estate Plans to consider during this time:

• Living Wills
• Correct Transfer on Death Designations on Bank Accounts
• Power of Attorney (POA) to manage your assets (for each spouse)
• Medical POA to manage your health care decisions (for each spouse)
• HIPPA release for the POA or surviving family members (for each spouse)
• Joint Tenancy in the event of the passing of you and your spouse
• Access to IRA’s, 401(k)s, and life insurance policies

Married with Minor Children

Once children are part of your life, you will need to adjust your estate plans from your married stage to include your children. If this is the first time you’re developing an estate plan, here are some items to consider and have as part of your estate.

You could create a Will with Testamentary Trust provisions which would include:

• Selecting a guardian for your minor children and where they will physically live
• A guardian to manage the assets for your children until they become of age
• Medical POA for your children
• HIPPA release for the POA

Another option you have is selecting a Living Trust with provisions for your children. It’s similar to a Will with Testamentary Trust. The main difference is that the Trust is enforced outside of the Probate Court’s jurisdiction. Therefore, it reduces the government’s involvement, allowing the Trustee(s) to have more involvement with their estate and assets.

Peak Earning Years

This life stage is geared towards adults with no children at home, typically in their 40’s and 50’s. Your estate plan will start to consider:

• Types of retirement plans you want
• Reviewing all compensation plans for rules regarding withdrawal information
  • IRA
  • SEPP
  • 401(k) and 403(b)
  • PERS
  • STRS
• Determining the beneficiaries for your estate and assets
• Saving some of your money for IRA’s or voluntary deferred compensation
• Developing a college savings plan for your grandchildren
• Creating a Living Trust with provisions for your adult children
• Reviewing your life insurance coverage
• Investing in long-term care insurance

Planning for Retirement

With retirement only a few years away, now is the time to make the appropriate preparations to avoid Probate Courts with your estate and assets. Currently, Congress has designated the retirement age at 70 ½ years old.

Your Estate Plan will review the following items:

• A thorough review of your retirement plan
• Develop a Will combined with a Living Trust
• POA to manage your assets
• Medical POA
• Living Will with an advance directive
• HIPPA release for the POA
• Special Needs Trusts for adult children or aging parents