ESTATE PLANNING FOR NEWLYWEDS
Getting married is one of the most blissful times for a couple. Once the wedding festivities have completed most couples move on to the honeymoon stage of their marriage and forget that there is more to marriage than “one sheet of paper.” In fact, there are several pieces of paper that newly married couples should start reviewing and completing, if they have not done so already, to make sure their new family is fully prepared should something happen.
The most important of the documents to execute is a will or a trust. A Will or a Trust is a legal document that specifies how property will be distributed after your death. Each estate plan is tailored to each person’s specific needs. It is imperative to set up an estate plan, regardless of how much or how little assets you might own. Oftentimes, will packages incorporate advanced healthcare directives, financial and medical powers of attorney, which name the individual each spouse wants to have make their decisions should they be incapacitated for any reason.
Furthermore, many married couples may already have children upon entering the marriage or begin having children shortly thereafter. It is essential to appoint a guardian or conservator in your will to ensure your minor children are cared for by individuals of your choosing should something happen to one or both of you. It is important to consider how your children will be financially provided for and who you would like to oversee their day-to-day care.
Many newlyweds purchase their first home together prior to getting married. It is important to review the deeds to your home to ensure they are titled to both of you, which may have major tax advantages and help avoid probate should something happen to either spouse.
If one or both of you has been employed for some time there is a likelihood that 401(k) plans, IRA’s, life insurance policies, etc. exist, which have beneficiaries listed. Who do you want listed as the beneficiary, your spouse or someone else? These are important decisions and they should not be made lightly.
To learn more about estate planning please contact our office at 602- 377-9369 to set up a free consultation with an experienced attorney.