Key Reasons to Prioritize Estate Planning for Newlyweds
The more you plan for the future early in your marriage, the fewer headaches you’ll encounter down the road as life changes and your family grows. Here are some good reasons why you should prioritize estate planning as newlyweds:
Reason #1: Build a Strong Foundation for Your New Family
When you move into a new house, you typically have a plan for each room. Knowing where your bedroom, office, nursery, and other rooms will go can give you a strong blueprint for turning the house into your home. Similarly, estate planning can lay the foundation for your financial and legal responsibilities. Having all your important documents in place strengthens your plans for your married life together, making it easier to adjust to uncertainties as your family grows.
“If you’re going to start a new life together, why not have all the legal documents in place to help honor each other?”
Reason #2: Protect Your Home
When a house becomes a home, it gains more than just priceless sentimental value for your family. You also gain valuable equity that can help you build wealth. However, on your death, the disposition of your real estate could wind up contested in a drawn-out probate process, particularly if you don’t have a trust-based estate plan in place. Estate planning can help ensure that your home passes to your spouse or children smoothly and without conflict.
Reason #3: Plan for Your Children’s Future
Welcoming your first child is a joyous, monumental moment for newlyweds. However, the pressures and anxieties of parenthood come fast. The ultimate concern is who will care for your children if you cannot. Having guardianship provisions in place ensures that people you trust will care for your minor children if you and your spouse are unable to do so.
Reason #4: Make Health Care Decisions Simple
It’s hard to think about, but there may come a time when you or your spouse lacks the capacity to make medical decisions. Having a healthcare power of attorney that designates your spouse or another trusted loved one to make health care decisions can ensure your wishes are followed in the event of an emergency or incapacity.
Reason #5: Have Peace of Mind for Life’s Uncertainties
No matter how joyful and fulfilling your marriage is, life will always throw a few curveballs your way. Worries about your family’s future might keep you up at night. Having an estate plan in place can give you peace of mind, knowing that your family will be taken care of if tragedy strikes.
What Happens to Newlyweds Without an Estate Plan?
If something happens to a newlywed couple with no estate plan, they won’t entirely be left to fend for themselves. With no plan of their own, state law would dictate how to divide assets, assign custody, handle medical decisions, and more.
However, the plans set out by state law might not align with what you want, potentially creating delays, contentious legal battles over your assets, and straining your family’s time and energy. Prioritizing estate planning as newlyweds can help you avoid these problems.
You can make your own estate plan or you can allow the state laws where you live decide for you
Important Estate Planning Documents for Newlyweds
Getting the right documents in place early in your marriage can pay dividends later on by saving you time and avoiding stress. Key estate planning documents to prioritize as newlyweds include the following:
- Revocable living trust
- Pour-over will
- Financial power of attorney
- HIPAA authorization
- Health care power of attorney
- End-of-life document
Begin Your Estate Planning Journey Now to Protect Your Spouse
The best time to get started on estate planning as newlyweds is today. The knowledgeable legal team at Evans & Davis has helped over 30,000 clients like you achieve their estate planning goals. With deep experience, a track record of reliability, and professionals licensed to practice in 47 states, our firm is committed to championing your family legacy and helping you protect what matters most.
Contact us online today to learn more about how we can help you and your family.
