If you think being married means you don’t need a will or power of attorney, think again.
An article on washingtonblade.com says this is a myth.
It says you need a will because if one of you dies, the other may not inherit everything. Your state has laws to ensure that a surviving spouse will inherit something, but there are circumstances in which that amount can be less than 100 percent if there isn’t a will.
This could be when your spouse has children or if your spouse’s parents are still alive, it says.
All couples need power of attorney as well, it says. Your spouse can make medical decisions for you if you can’t, but what if they can’t? And if you become incapacitated, there are many decisions that will have to be made other than medical care. That’s where a financial power of attorney comes in.
Your spouse does not have access your solely owned assets, for example.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
