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PROTECTING YOU, YOUR FAMILY, YOUR FUTURE | SCHEDULE AN APPOINTMENT | CALL US TODAY! (832) 408-0505

GP Schoemakers, PLLC

Protecting You, Your Family, Your Future

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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

FAQs – Estate Planning for Newlyweds Myths and FAQs

FAQs – ESTATE PLANNING FOR NEWLYWEDS MYTHS AND FAQs

“Estate planning is an important and everlasting gift you can give your family.
And setting up a smooth inheritance isn’t as hard as you might think.”
– Suze Orman

newlyweds love
Myth: Owning all of your assets jointly means that you do not need an estate plan because the survivor will automatically own everything as a matter of law.

Fact: While it is true that the survivor will automatically own 100% of jointly owned assets, this strategy does not protect the assets from creditors and provides no additional protection in case of incapacity.

Myth: We have a prenup, so we do not need an estate plan.

Fact: While a prenuptial agreement may address the distribution of assets, it does not handle other important topics such as incapacity.  Without a Financial Power of Attorney or Medical Power of Attorney, if you are to become incapacitated, your family will need to petition the court to have someone appointed to act on your behalf for your financial matters and medical decisions.

Frequently Asked Questions:

We just got married and don’t have any children.  Why would we need an estate plan?

Just because you marry someone does not automatically mean that they will inherit from you.  Some assets, such as life insurance policies, have beneficiary designations that must be changed.  Whoever is listed on those will receive the assets on your death.  For those assets that do not have a beneficiary designation, they will be distributed according to the state law of intestacy.  While each state may vary, in most cases, the assets will be distributed between the surviving spouse and other family members.  An estate plan puts you in control of the inheritance you leave behind.

We may be moving soon.  It’s okay to wait until we’re settled before having our estate planning done, right?

A move should not be a reason to put off your estate planning.  While we understand that there are a lot of changes occurring, tragedy can occur at any time.  Even if you are changing states, there are still some aspects such as updating your beneficiary designations that can be accomplished and will not be affected by the move.  Additionally, it is a good idea to have a Medical Power of Attorney, even if you are not going to be in the state for too much longer.  Life can be very unpredictable and you do not want to get caught needing court intervention should something happen to you or your spouse before the move.

Call or contact the Law Offices of GP Schoemakers today to arrange a consultation with a reputable estate planning lawyer.  Attorney Schoemakers will meet with you to discuss your situation.

Trust attorney Schoemakers to help you determine the best way to manage your estate.  Call now to schedule an appointment with an estate planning lawyer in Clear Lake, Texas.

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1100 NASA Parkway, Ste 420J
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