Jun 20, 2011

Check list for married couples

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Here is a legal check list for married couples – please see your legal advisor for specifics to your particular situation

_____Hold a Home as “Tenants By the Entireties”—in many states, this protects your home as an asset for creditors to attach, unless both spouses are indebted to a creditor; also, if one spouse dies, the other automatically receives 100% interest in the estate.  NO will is needed. It happens by operation of law.

_____Establish living trusts for family members for their support, and especially those with any special needs.

_____Life Insurance (sufficient enough to replace your level of income in the event of your death) both spouses should carry a policy

_____Disability Insurance (if have insufficient or no benefit through an employer), consider purchasing it to protect your income in the event of any short-term or long-term disability, and for pregnancy coverage.

_____Establish a will disposing of your property to your surviving dependents in the event of your death.

_____Durable power of attorney—each spouse should have one; designates who will handle their finances in the event they become unable
or incompetent to do so

_____Living Will—designates how you would want to be treated medically in the event you become incompetent to decide

_____Long Term Care Insurance—best for those of middle age who are not yet at least 65 years of age; if you have insufficient assets to care for you should you need medical care or assistance in your old age in retirement, a long-term care plan is advisable.