As you embark on the exciting journey of married life, now is an ideal time to consider creating an estate plan. Transitioning from two separate households to one brings decisions about merging finances, setting up joint accounts, and managing shared expenses. This is also an opportunity to establish a strong foundation for your future by putting plans in place to protect yourselves and your loved ones.
Why Start Estate Planning Now?
Even if you don’t own substantial assets, you likely have more than you realize. Whether it’s savings, investments, or personal property, now is a great time to organize your financial and legal affairs. Creating an estate plan early can be simpler because you’re likely aware of everything you own and how it’s titled.
Contrary to popular belief, not all states automatically transfer your assets to your spouse if you pass away without a will. Intestacy laws—which determine asset distribution for those who die without a will—differ by state and can sometimes lead to surprising outcomes. Additionally, these laws require your estate to go through probate, a legal process that can take months or even years to settle.
Having a comprehensive estate plan allows you to control how your assets are distributed and avoid unnecessary delays. It also provides peace of mind, knowing your loved ones will be taken care of without the added stress of court proceedings. Starting now means you can easily update your plan as your circumstances evolve.
Who Will Make Decisions If You’re Unable To?
If an unexpected situation arises and you’re unable to manage your financial or medical decisions, having the right legal documents in place is critical.
Financial Power of Attorney
This document allows you to designate someone—often your spouse—to handle financial matters on your behalf. This could include paying bills, managing insurance policies, and signing contracts. Depending on your needs and state laws, you can grant broad authority or limit their powers to specific tasks.
Medical Power of Attorney
Also known as a health care proxy, this document lets you appoint someone to make medical decisions for you if you are incapacitated. While some states require the agent to act only when you cannot make decisions yourself, others allow you to grant immediate authority to access medical records and act on your behalf.
Without these documents, your spouse or loved ones would need to go through a lengthy court process to gain authority to manage your affairs—something most couples want to avoid.
What Kind of Care Do You Want?
An advance directive—sometimes called a living will—lays out your preferences for medical care if you cannot make decisions for yourself. This can include instructions about life-sustaining treatments and other end-of-life care choices. By creating this document, you reduce the emotional burden on your loved ones during a challenging time. Be aware that some states may not recognize advance directives as legally binding, so it’s important to understand your state’s laws.
Planning for Your Future Family
If you plan to have children someday, it’s crucial to think about who would care for them if something happened to both parents. An estate plan lets you name guardians for your children, ensuring they are raised by someone you trust.
Without a will or legal nomination, the court will decide who becomes the children’s guardian, often based on state laws or what the judge deems to be in the child’s best interest. By planning ahead, you can avoid leaving such an important decision to chance.
Take the First Step Toward Peace of Mind
Starting your new life together is about more than sharing your present—it’s about planning for your future. By creating an estate plan, you can protect each other and prepare for life’s uncertainties. Whether you’re navigating finances, medical decisions, or family planning, we’re here to help you every step of the way.
Contact our office today to get started on creating a personalized estate plan that fits your needs.
