Estate Planning Basics for Newlyweds: Start Your Future Off on the Right Foot
Marriage is an exciting new chapter, and it’s also the perfect time to start thinking about your future together. While combining households and planning your financial journey, it’s worth adding estate planning to your to-do list. Estate planning for newlyweds can provide peace of mind for whatever life may bring.
Why Should Newlyweds Think About Estate Planning?
Even if you don’t have significant wealth or property yet, you likely have more assets than you realize. This makes now an ideal time to establish an estate plan. With a clear understanding of your finances and priorities, creating a will or trust can be relatively simple.
Relying on state laws to transfer your assets to your spouse may not always work as expected. State intestacy laws, which determine how assets are distributed when someone passes away without a will, vary widely and can lead to unexpected outcomes. Additionally, relying on these laws requires your estate to go through probate—a potentially lengthy and expensive court process. Creating a customized estate plan can help you avoid probate and ensure that your wishes are honored.
Estate planning now also means your plan can evolve with your circumstances. As life changes, whether through growing your family or acquiring new assets, your estate plan can be updated to reflect your needs.
Who Makes Decisions If You Can’t?
Two critical tools in any estate plan are powers of attorney—one for financial matters and one for healthcare decisions. These legal documents allow you to designate someone you trust, often your spouse, to act on your behalf if you’re unable to.
- A financial power of attorney enables your chosen agent to manage bills, handle contracts, and oversee your financial affairs.
- A medical power of attorney gives someone the authority to make healthcare decisions for you in emergencies or if you’re unable to communicate your wishes.
Without these documents, your spouse may not have the legal authority to act on your behalf.
Planning for End-of-Life Care
An advance directive allows you to express your wishes regarding end-of-life care, relieving your loved ones of the emotional burden of making difficult decisions during challenging times. While laws regarding advance directives vary by state, having one in place ensures your preferences are clear and respected.
Planning for Future Children
If you plan to have children someday, estate planning is essential. A will or a guardianship designation allows you to choose who will care for your children if you’re unable to. Without these documents, the court will appoint a guardian, which may not align with your preferences.
Start Your Future Together on the Right Foot
Estate planning isn’t just for the wealthy—it’s for anyone who wants to protect their loved ones and their future. By planning now, you can ensure that your wishes are honored and that your spouse and future family are cared for.
If you’re ready to take the next step in securing your future together, we’d love to help. Contact our office today to schedule a consultation and get started with a personalized estate plan tailored to your needs.