Do Stay-at-Home Parents and Homemakers Need Estate Plans?

As a stay-at-home parent or homemaker, you might be wondering whether you truly need an estate plan. After all, your spouse might be the primary breadwinner – and you might trust them to handle financial matters. However, an estate plan could be more important than you realize – and you might want to discuss your options with a lawyer. Fortunately, there are many estate planning attorneys in Spokane who are ready to assist you.

You Can Create a Joint Will 

First, you should know that you and your spouse can create a “joint Will.” As the name implies, this type of Will allows both spouses to achieve their estate planning goals with a single document. This is a popular choice for spouses who have been married for many years, with most of their assets designated as “marital property.”

Why You Might Want to Create Your Own Will 

That being said, joint Wills are relatively rare. Most estate planning attorneys recommend that each spouse create their own Will – even if one of these individuals earns much more than the other. This is because one spouse usually outlives the other, and a joint Will would only really make sense if both spouses died at exactly the same time.

If one spouse outlives the other, they become bound by the terms of the existing joint Will. This means they can’t add or remove beneficiaries, and it may be difficult to sell or transfer property during life.

In addition, joint Wills fail to address any separate property you might have. This includes anything you owned prior to the marriage, such as vehicles, investments, and real estate properties. Separate property also includes anything you inherit during your life. Even if you have not yet received your inheritance, this event might occur during your marriage.

A separate Will is the only way to address these separate assets. However, you might also want to discuss alternatives to joint Wills, such as mirror Wills and mutual Wills.

Homemakers and Stay-at-Home Parents Should Also Consider Their Medical Needs

 Estate planning involves more than just assets. You can also use an estate plan to make decisions about your medical treatment ahead of time. For example, you can create advanced directives to express your preferences about list-sustaining treatment, organ donation, and other decisions. You can also establish a medical power of attorney that gives decision-making authority to a loved one if you ever become incapacitated.

Can a Spokane Estate Planning Lawyer Help Me? 

A Spokane estate planning lawyer can answer any questions you might have about the estate planning process. If you’re a homemaker who doesn’t earn income, you probably still need an estate plan. However, your specific needs depend entirely on your unique circumstances, and you should discuss your situation in more detail with a lawyer. Contact Moulton Law Offices today to learn more.

Sources:

 wsba.org/docs/default-source/news-events/publications/consumer-pamphlets/consumer-info-probate.pdf

app.leg.wa.gov/rcw/default.aspx?Cite=11