Estate Planning Basics for Newlyweds

Prepare for the Unexpected

The season is upon us - a season of gorgeous weddings, lively celebrations, scrumptious cakes, unique gifts, and intimate honeymoons. Although heartwarming and delightful for all involved, it also marks the start of planning for the newlywed couple's future, enduring both wealth and poverty, wellness and illness. Now is the time to start thinking about estate planning basics for newlyweds.

Why Newlyweds Need To Plan Their Estates

Why should newlyweds care about estate planning?  Because everyone needs to protect themselves and those they love.  It does not matter if you are young or old, married or single.  You need an estate plan. 

Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other.   

What Happens When There Is No Plan

Failing to plan for one's incapacity or death can have severe consequences that are both costly and emotionally distressing. The fallout from such a situation often results in financial hardship and familial strife that can endure for many years, even spanning multiple generations.

Without an estate plan:  

• You will leave your spouse and the rest of your family in the dark – they won’t know what you would want to happen if you became incapacitated or died.  This often leads to family fights as each individual champions for what she thinks you would have wanted.

• You’ll leave a huge burden on your loved ones to make tough decisions about medical heroics and the withdrawal of life support.

• The court or state law, not you, will decide who makes health care decisions if you are unable to make those decisions yourself.   

• A judge, not you, will decide who raises your children.

• The court can lock down your assets so even your spouse has to get court permission before making a financial move.  

• Any assets you leave to loved ones can be taken by their divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.

• You may accidentally disinherit your spouse and your children. 

• Your beloved pet could end up in a shelter or euthanized. 

So, What Should You Do?

We invite you and your new spouse to contact our office to set up a meeting.  We’ll walk you through how to protect each other and those you love; how to protect your beloved pets; and how to protect your assets and make things easier for you and your families.  Call now; we look forward to hearing from you.