For most couples, the first months of marriage are some of the most exciting moments in life. So it’s no wonder that it seems like the least appropriate time to discuss “gloomy” subjects such as the possibility of future sickness or death.
While it may not be the most comfortable subject for newlyweds to discuss, the experienced estate planning attorneys at Skeeters, Bennett, Wilson & Humphrey think it’s wise to do so. Our attorneys believe that having an estate plan to protect and care for your new spouse not only strengthens your financial situation, but it can also help your marriage.
Why Estate Planning as Newlyweds Makes Sense
Unfortunately, many newlyweds are either unaware of the importance of estate planning or decide to put it off until later. Yet as time passes, starting an estate plan will only become more complicated. With the introduction of children and grandchildren, assets change and family dynamics shift. Getting an early start on an estate plan for your new family lays the groundwork for your future and can be tweaked as your family and assets grow.
Here are some of the documents that typically make up part of an estate plan for a newly-married couple.
A last will and testament allows you and your partner to make important decisions on what happens when you pass away. If you don’t have a will, these decisions will be made by a probate court in accordance with Kentucky statutes. In a will, you choose who manages your affairs, who becomes the guardian of your children, and what happens to your assets.
While you might revise this document a few times in your lifetime, you and your partner can use the initial version as a foundation for future plans.
A living will spares your loved ones from having to make difficult end-of-life decisions on their own. This gives them a great gift by clearly stating what your wishes are now and relieves them of enormous trials and second-guessing options later during a challenging time.
Power of Attorney
Planning ahead for potential disability is another essential aspect of a committed union. If you’re ever physically or mentally incapacitated, a power of attorney helps ensure your financial affairs remain in order. A power of attorney delegates someone you trust to handle financial transactions on your behalf while you’re unable to do it yourself.
Build Your Future With Another Trusted Partner
Newlyweds merge many important aspects of life and form relationships with trusted advisors together. Consider a skilled estate planning attorney as another person of value invested in your successful future, taking you step-by-step through life’s important moments with purpose and education.