Remember the essential parts of estate planning for newlyweds.
If you are a newlywed or about to tie the knot during the busy spring and summer wedding season, it’s important to plan for all aspects of your future. One task newlyweds shouldn’t neglect is estate planning. Failing to create any plan can mean that if you or your partner are hospitalized or injured in some way, you may not have the legal right to make decisions for them or even see them in the hospital. Partners may not have access to necessary bank accounts or rights to stay in shared apartments or homes if ownership is not legally clarified. If you want to avoid any disastrous scenarios, estate planning for newlyweds can help you prepare for better and for worse. Contact the Millman Law Group when you are ready to devise an estate plan that will factor into your new marriage.
Create A Will
If you do not have a will, create one with your estate planning lawyer. Your will designates who should receive assets after your death. If you are newly married, you may choose most of your belongings to go to your spouse. For the best results, ensure your will is created with an experienced lawyer at the Millman Law Group. We can help you create a will that is ironclad and guarantees your wishes are respected.
Beneficiary Designations
If you already have a will, update your beneficiary designations. Estate planning for newlyweds involves updating your beneficiary list to include your new spouse. Assets include life insurance policies, 401(k)s, and IRAs. These documents must have a beneficiary named to inherit the asset after your death.
Create Trusts
Trusts are a helpful estate planning tool for newlyweds that lets your family avoid the lengthy probate process after your death. If your estate plan consists solely of a will, your spouse and family will more likely encounter conflict and disagreements during probate or your incapacitation. To avoid these troubles, create a revocable living trust alongside your will. If your assets are properly titled, they will pass directly to your spouse upon incapacity or death without court intervention. Trusts permit you to be very specific about the transfer and use of your assets, which is why they are a highly appealing estate planning feature.
Durable Financial Power of Attorney
Estate planning for newlyweds is not just about planning for what happens after death. It is just as important to plan for potential incapacity due to a severe injury or illness. If you become incapacitated and have not named a person to handle your financial and legal matters, your spouse may have to petition the court to be named as your guardian or conservator. Your spouse is typically given priority, but it’s not always the case, and if your family or others contest this decision, the court may choose someone else.
By creating a durable financial power of attorney, you can give your spouse legal authority to manage your finances when you cannot. This would give your spouse the power to handle things like paying bills and taxes, running a business, collecting government benefits, selling your home, and managing your bank accounts.
Living Wills and Medical Power of Attorney
In addition to financial power of attorney, you must create a medical power of attorney. This type of advance healthcare directive gives your spouse (or anyone else you trust) the immediate legal authority to make decisions about your medical treatment and healthcare if you are incapacitated and unable to make decisions.
Without medical power of attorney, your spouse would have to take time and money to petition the court to become your legal guardian. In addition to using a medical power of attorney, a living will is an advance directive that explains how you want your medical care handled, particularly at the end of life. These two tools work closely together and are often combined into one document.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.