Cover Image for From 'I Do' to 'What If': Estate Planning Must-Do's for Newlyweds - Part 1

From 'I Do' to 'What If': Estate Planning Must-Do's for Newlyweds - Part 1

As wedding season wraps up, it's essential for newlyweds to tackle their first legal task together: creating an estate plan. Amidst the joy of marriage, planning for potential incapacity and future eventualities may seem daunting, but it's a crucial step to safeguard your assets and honor your wishes as a couple.

Marriage brings significant changes, but crucial aspects like financial management and medical decision-making aren't automatically addressed by saying "I do." Without proper documentation, your spouse may lack the legal authority to act on your behalf in critical situations, leading to potential complications.

Here are six essential estate planning tools newlyweds should prioritize:

01 | Updated Beneficiary Designations

Don't overlook updating beneficiary designations for assets like life insurance policies and retirement accounts. These designations bypass the probate process, ensuring your spouse receives the intended benefits promptly.

02 | Durable Financial Power of Attorney

Plan for life's uncertainties by granting your spouse the authority to manage financial and legal matters in case of your incapacity. Without a Durable Financial Power of Attorney, your spouse may face challenges accessing and managing your assets.

03 | Power of Attorney for Health Care and Living Will

Empower your spouse to make medical decisions on your behalf with a Power of Attorney for Health Care. Additionally, a Living Will outlines your preferences for end-of-life care, providing clarity and guidance during challenging times.

While discussing finances and mortality early in marriage may seem daunting, addressing these matters promptly ensures peace of mind and lays a strong foundation for your future together. Reach out to discuss your estate planning needs in a comfortable and supportive environment.

Don’t forget to check back next week for part two of this series!

Schedule a Discovery Call HERE

Additional Resources

Resource Center

Why Estate Planning is Crucial for Real Estate Investors

Estate planning is vital for real estate investors to protect assets, ensure smooth transfer, minimize taxes, and plan for business continuity. It safeguards investments and secures legacies for heirs.

Read More
Resource Center

Unraveling the Mystery: Top 4 Reasons Why People Neglect Their Estate Plans

Estate planning is a crucial aspect of #adulting that often gets pushed to the back burner. Despite its significance, many individuals delay or altogether avoid addressing their estate plans, leaving their financial affairs and legacy vulnerable.

Read More
Resource Center

Maximize Your Tax Refund: Choose Estate Planning

Tax season often brings a sense of relief and excitement, especially for those anticipating a tax refund. While the temptation to book a vacation or go shopping may be strong, there's another option that could offer long-term benefits: estate planning.

Read More