Estate planning can be fairly simple when two spouses are happily married and living together, provided that their financials are in order. However, when a couple is seeking to part ways, complexities may arise when planning their estate as there are additional factors that require consideration.
Furthermore, if a married couple is opting for a legal separation rather than a divorce, there are certain concerns pertaining to estate planning that must be addressed. Therefore, it can be highly advantageous for your case to procure legal services of an experienced estate planning lawyer.
Medical Decisions – When one spouse is disabled or incapacitated, typically the other spouse is responsible for making medical decisions on their behalf. If you are seeking separatation from your spouse, you may not want your spouse to have this right. Thus, you can create an advance medical directive to make sure that the right to make a medical decision on your behalf is transferred to someone else. This can be achieved by naming a trusted person as your healthcare proxy or healthcare power of attorney.
Spousal Shares – Married couples have a legal right to inheritance from each other if the other spouse is deceased. The amount they might inherit, generally known as spousal share, may differ by state. If you are obtaining legal separation from your spouse and do not wish them to have all your inheritance, then consider devising a will by hiring a competent estate planning lawyer. This will ensure that they are only entitled to receive the amount that is required by law.
Guardians – If you are getting separated and have minor children, it is crucial that you coordinate with your spouse to consider options for replacement guardians should either of you pass away. Even if the marriage did not end on bad terms, it is important to put your differences aside for the wellbeing of your children and secure their future.
For further information on trusts and wills or any issue related to real estate or to schedule a free consultation, contact Casement Law Group, P.C. today at (847) 888-9300 to speak with a estate planning lawyer.