Estate Planning For The Newly Married
Congratulations on your marriage! Now is the time to start your estate planning for the newly married. Why? As a newlywed couple, you have already undertaken the task of consolidating two households into one, thus taking stock of all your possessions. This makes it an opportune moment to begin crafting an estate plan, even if you don't have an inventory of your accounts. You've already been collaborating on financial matters such as bills, taxes, and shared banking.
Use that all time and energy and work as a leapfrog into planning for your future. That way, you'll be that much more prepared for the house, the kids, and the next stages of your new life together.
Why Think About Estate Planning Right Now?
There are few things in life as exciting as tying the knot. There are also few times as busy as those frenzied final weeks leading up to the big day. Amid the most chaotic days of planning, the last thing you want is another chore to add to your to-do list. However, in light of this exciting event, it is essential that you meet with an attorney to discuss your estate planning. Here are a few reasons why.
Many couples just starting their lives together dramatically underestimate their holdings. Even if you have few assets, as we just talked about, you have more than you think. Therefore, creating a will or trust may not be overly complicated now that you've taken stock of your combined assets.
So a basic estate plan should give you some peace of mind—knowing loved ones are taken care of, if anything should happen.
You can even plan for property you don't yet own (a house you may buy some day) and provide for children whenever they arrive on the scene. And once you have that initial plan in place, you can easily update it as your circumstances and needs change.
Furthermore, if you already have a sizable amount of assets then estate planning may lead to tax benefits, now and in the future.
Who Can Make Decisions For Me, If I Can’t?
In the U.S., a power of attorney (POA) is a legal document that designates someone else (often a spouse) to make financial and other decisions on your behalf. In the financial realm, a POA can sign contracts, file lawsuits on your behalf, and more. Depending on the exact language, you can grant the POA broad powers, or something more limited to an issue or situation.
One specific form of POA is in effect only if you are unable to make decisions on your own—such as an emergency or illness. And you can have that type of POA for both the financial side of things, as well as one relating to your medical care.
What Kind Of Care Would I Want?
An advanced directive (also known as a living will) is a document that makes clear the kinds of medical interventions you'd prefer if you're unable to make decisions for yourself. In some ways, think of this as an emotional insurance policy: You make decisions now, so the people you love won't have to when the time comes.
Assigning your spouse as a medical decision maker will simplify the decision-making process, in case it becomes necessary. Otherwise, your spouse may not be permitted to make medical decisions on your behalf.
Who Will Look After The Children?
For those who plan to have children in the future, it is crucial to understand the importance of creating an estate plan. Although state laws typically allocate a portion of an estate to a spouse and children, it's necessary to have a will to determine who will care for the children in the event of both parents' untimely death.
Contact Us Today
As you embark on your journey together, it's important to prepare for what lies ahead. We've been helping families of all ages and kinds for years, and we'd be delighted to help you, so contact our professionals today.
