Many times married couples don’t think they need an estate plan because “everything goes to my spouse anyway.”

But estate planning isn’t just about planning for death; it’s also planning for incapacity. Incapacity can be temporary (e.g. a car accident) or longer term (e.g. dementia). Planning in advance lets you decide who can make decisions for you (healthcare and financial) in advance. It helps your spouse avoid going to court to get the right to be able to make decisions for you.

To repeat in different words: Just because you are married does not mean your spouse can make financial or medical decisions on your behalf. You need to have designated your spouse in a power of attorney or your spouse needs to go to court to get the right to make those decisions.

By doing an estate plan that includes a trust, you can avoid the cost, time, and public nature of probate. (Probate is the court that handles your estate if you die with no will or with only a will.)

Another reason is to plan for the “what if” scenarios that trusts allow you to do. Trusts (not wills) allow you to come up with alternative plans in advance. For example, what if your spouse predeceases you? What if your children are under 18 years old? What if you or your spouse need government needs-based assistance? What if…?

And that is why you do an estate plan: so you can plan, in advance.