Now is the perfect time to start working on an estate plan. As newlyweds, you are figuring out how to consolidate two households into one. You’ve already been working on the new banking and shared responsibility of bills and taxes.
Use that work as a catalyst for planning for your future—so you’ll be prepared for the house, the kids, and the next stages of your new life together.
Why Think About Estate Planning At This Point?
Even if you have few assets, you have more than you think. You may have heard of state laws that give your property to a spouse, if you don’t have a will. These laws—known as intestacy laws—vary by state and can sometimes have results you wouldn’t expect. 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.
Who Can Make Decisions For Me, If I Can’t?
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.
What Kind of Care Would I Want?
An advanced directive 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 do it under difficult circumstances. This can also make it easier for your spouse to make decisions if necessary, as long as you name them as a medical decision maker.
Who Will Look After The Kids?
If you don’t yet have kids but want them someday, realize that an estate plan is essential for families with children. When it comes to guardianship, you need a will to designate caregivers for the children, should something happen to both parents. Without a will, the court decides on the children’s caregiver, and the court may select someone you don’t want.
As you start your new life together, one of the best ways to begin is by planning for the future, and whatever it may bring. We’ve been helping families of all ages and kinds for decades, and we’d be delighted to help you.
Posted in: Estate Planning, Family Planning