Brian and Jennifer could not be happier about their recent wedding. After months and months of meticulous planning and constant daydreaming about their special day and the moment they each would say “I do,” they can finally call themselves Mr. and Mrs. and look forward to a bright future together. Surprisingly, one of the first things they wanted to do after returning from their honeymoon was nail down their estate planning needs as husband and wife.
Of all the things newlyweds have to look forward to and accomplish as a married couple, you would be hard-pressed to find many like Brian and Jennifer putting estate planning at the top of their list. But they are not wrong!
Estate planning is one of the most important things you can do for your family. And you do not have to wait until you are older.
This is especially true for newlyweds looking to begin their new life together on the right foot.
What is estate planning?
Contemplating a day when you are no longer around to enjoy your family, pursue your dreams, and relax with the people you love most can be painful. But it is absolutely critical to have a plan in place for the day you pass.
Estate planning is the act of preparing a person’s property to be transferred to another entity or person(s) after his or her death. This includes any life insurance, retirement accounts, real property, cars, personal belongings, and debts. But estate planning goes much further than that. You can appoint someone to handle your affairs if you are deemed medically unfit to do so. Also, you can determine who will care for your children. You can even lay out your wishes for future healthcare decisions, final arrangements, and more.
There are a variety of documents that help check all of these boxes:
- Wills
- Trusts
- Durable Power of Attorney
- Medical & Financial Power of Attorney
- Medical Authorizations
- Burial Directives
- Advanced healthcare directives/living wills
- Declarations of guardianship
Many people wrongly assume that estate planning is only for older wealthy people. But this could not be further from the truth. The sooner you get your estate planning strategy in place as first-time newlyweds, the more peace of mind you will have.
6 estate planning tips for first-time newlyweds
1. Talk with your spouse about your estate planning goals
Just because both of you are eager to have an estate planning strategy in place does not mean your approach or goals are the same. Perhaps your spouse has a favorite charity they want to leave money to, and they have never shared that detail with you before. Or, you each have different ideas on who should care for your future children. These are things you need to discuss as a couple.
2. Get all your important documents together
This includes items such as your marriage certificate, birth certificate, social security cards, any prenuptial and postnuptial agreements, financial information, life insurance, etc. You will also want to have a complete list of assets such as homes, vehicles, collectibles, and precious family heirlooms.
3. Review your insurance coverage
First-time newlyweds should thoroughly review their existing individual insurance coverage (auto, home, health, disability, and life insurance) and determine if any changes are needed. More than likely, changes will be necessary to account for marriage, future children, adding beneficiaries, and creating additional protections for each other in the event that one of you passes away and leaves the other behind.
4. Hire an estate planning attorney
When it comes to protecting your family’s future for years down the road, it is always imperative to have an estate planning attorney in your corner. Not only will they help you put a plan in place, but they will counsel you on which documents are best suited for your specific needs and ensure they are flexible enough to stand the test of time. When life changes and updates need to be made, you have someone to walk you through that process.
5. Create a will
While the newlywed dynamic is different and demands a uniquely tailored approach, a will is widely regarded as the starting point for any estate planning strategy. It is a written legal declaration itemizing how a person wants their affairs handled after death. This includes how your assets should be distributed, who gets what, details for final arrangements, and who should care for your minor children. A will can be straightforward or very complex. If you are a newlywed and are interested in a will, it is best to contact an attorney to ensure it is drafted and executed properly.
6. Do not stop at a will
As we said earlier, wills are typically viewed as the starting point for any estate planning strategy. They are not designed to cover all your bases, however. This is where a Power of Attorney, Living Will, and a Trust can help. Your estate planning attorney can help you navigate this complex process and answer any questions you may have.
Thinking about the end when you are just starting out as a newly-married couple can be overwhelming. But there is no denying that estate planning sooner rather than later. It is the best way to protect yourself and your family for years to come.
Call Nelson Law Group today!!
When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC, a call if you have any questions. Our staff is always available.
For more information about Brett A. Nelson, click here.
