Do you know these estate planning tips for child-free couples?

On Behalf of | Jan 29, 2020 | Estate Planning

You and your spouse have come to the shared conclusion that the two of you do not want to have kids. One thing that you are still figuring out is how to handle estate planning in New Hampshire.

Because the two of you plan on being child-free, you want to consider a few items while planning for your shared futures. No matter the marital status or family size, estate planning requires an abundance of accurate and current information.

Do not skip the will

Wills are not just for people with children. You may think that assets automatically go to the surviving spouse if something happens to you or your husband or wife, but there are instances in which a couple perishes in the same accident. What happens to your assets then? Without a will in place, the state decides who inherits your estate, which could be a relative that neither you nor your spouse cares for.

Update your beneficiaries 

Once you set up your will, take a look at it every few years to determine if you want to keep the most recent beneficiaries. Over the years, a beneficiary could pass, or your relationship may change. Specifically, beneficiaries are common with insurance policies and retirement accounts.

Include a power of attorney 

Say that a medical condition or accident left you comatose or otherwise incapacitated. In the meantime, you still need to pay bills and make medical decisions. You can name your spouse as your primary power of attorney to make decisions in your stead, but it is best to name a secondary POA. No matter who you choose as your POA, be sure the person knows about the designation and understands its legal requirements.

Discussing the end of your life may not be as enjoyable as discussing your life with your spouse, but both conversations are necessary. While kids may not be part of your shared future with your spouse, you can welcome a bundle of assurance into your lives through proper estate planning.