Estate Planning for Newlyweds in North Carolina

As newlyweds embark on their journey together, estate planning is rarely top of mind. However, having a carefully crafted estate plan in place is an essential step in securing your future together, helping you navigate life’s unexpected events. What happens if one spouse becomes incapacitated or passes away? Who will manage the assets, and what will be left for the surviving spouse? An estate plan can provide you and your loved ones with security and peace of mind by answering these crucial questions.

The Benefits of Estate Planning for Newlyweds

Many newlyweds put off estate planning, often under the misconception that they don’t own enough assets to warrant a plan or that, in the event of death, all property will automatically pass to the surviving spouse. However, this is not always the case, especially when there is no will or other estate planning documents in place.
Estate planning is much more than determining how your assets are distributed after death—it includes planning for your care, managing your finances if you become incapacitated, and ensuring that your estate is handled according to your wishes. Some of the common benefits of estate planning include:

Protection for Children and Beneficiaries

For parents, estate planning ensures that a trusted guardian is named to care for the physical and financial needs of minor children or adult children with special needs.

Planning for Incapacity

If you become incapacitated and unable to make decisions for yourself, an estate plan allows you to outline instructions for your physical and financial care, ensuring that your wishes are followed.

Long-Term Care Planning

If you or your spouse require long-term care, having an estate plan in place can provide financial stability, protecting your assets and ensuring that your care needs are met without depleting your savings.

Business Succession Planning

If you own a business, an estate plan can include a succession plan to ensure a smooth transition of ownership in the event of your retirement, incapacitation, or death.

Naming Beneficiaries

For accounts that have beneficiary designations, such as retirement accounts or IRAs, it’s critical to ensure that these designations align with your estate plan. This ensures that your assets are passed on according to your wishes.

Communicating Your Wishes

A well-drafted estate plan clearly communicates your wishes, reducing the likelihood of disputes and minimizing the risk of litigation among your loved ones after you are gone.

Minimizing Taxes and Expenses

Estate planning is also used to minimize taxes, court costs, and other legal fees, protecting more of your estate for your loved ones.

Unique Estate Planning Challenges for Same-Sex Couples

For same-sex couples, having a comprehensive estate plan is essential to ensure that your rights are protected, particularly if you are not legally married. Some common challenges faced by same-sex couples in estate planning include:

• Custody of Non-Biological Children: If a biological parent passes away and no legal documents are in place, the non-biological parent may face custody challenges, with the court ultimately deciding the child’s care.
• Family Disputes: Family members who do not recognize the validity of your relationship may contest wills or attempt to interfere with your spouse’s ability to make decisions on your behalf. Having a health care power of attorney in place ensures that your partner has decision-making authority if you are incapacitated.
• Unmarried Couples and Intestate Laws: If an unmarried individual passes away without a will, the surviving partner may not be recognized under North Carolina’s intestate succession laws. This means that they may receive no property or legal protections unless specific estate planning measures are in place.

Why Choose Crosswhite Law for Your Estate Planning Needs?

Whether you’re creating a new estate plan as newlyweds or need to revise an existing plan, our attorneys at Crosswhite Law can help you develop a personalized plan that meets your needs and goals. No matter the size of your estate or the length of your marriage, our experienced attorneys are well-versed in all aspects of estate planning and can guide you through the process, helping you make informed decisions for your future.

To schedule a confidential consultation with one of our estate planning attorneys, call our office at (704) 873-7233 or complete our online form.