Does a Married Couple Need an Estate Plan?
The short answer is yes. Estate state planning between a married couple seems like it may not be needed because of the way that married couples generally own things and because wealth transfer between married couples is usually pretty easy.
Estate planning is essentially plugging the gaps that are not otherwise taken care of through marital ownership. A Last Will and Testament would still likely name a surviving spouse for property distribution, but estate planning also takes care of what happens if both spouses pass away together, as opposed to only one and there being a survivor.
More Than Just Wealth Transfer
Estate planning comes to fruition from a wealth distribution perspective after both spouses pass away. Additionally, from a legal authority perspective, even married couples don’t have the right to conduct the other’s financial affairs if one spouse becomes incapacitated. So if it’s a husband and wife couple, if the husband becomes incapacitated, the wife doesn’t just through marriage have the right to sign the husband’s name or sign instead of the husband for things like property transfers, contracts, moving or opening accounts, or additional legal planning.
What About the Kids?
A couple with minor children, or adult children for that matter, would benefit from a complete wealth transfer strategy, setting out how their children would receive wealth after both spouses have passed away. Additionally, for minor children, a Last Will and Testament allows the parents to name a legal guardian, with named alternates, to care for the child(ren) if they are still minors after both parents have passed.
Filling in The Gaps
Estate planning is not just about making things easier for a surviving spouse? It also controls how we protect each spouse during their respective incapacity, and what happens after both spouses have passed. So there’s a lot that is still left uncovered just through marriage alone, that estate planning is really meant to plug the gaps.
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
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How We Help North Carolina Families
Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
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