Estate Planning might not sound like the most romantic way to connect with your spouse but doing the work to protect each other in the event of unforeseen events is a true act of love. Here are some tips to help navigate an important aspect of your life!
- Love Beyond a Lifetime: Estate planning is more than just paperwork, it’s a secure way of protecting yourself and those you care about. Here’s the basics:
Last Will and Testament: Your will specify how your assets should be distributed and can also designate a guardian for your children if you have them.
Power of Attorney: Designates someone to manage your financial matters if you become incapacitated.
Healthcare Proxy: Choose a trusted individual to make medical decisions on your behalf if you’re unable to do so. - The Inventory Game: Sit down together and create a list of your assets. This includes bank accounts, investments, real estate, retirement accounts, life insurance policies, and even digital assets. Knowing what you have is a crucial part of protecting it and going over such inventories will help you understand your financial standings and determine how you’d want to distribute your assets in the future.
- Beneficiaries Hold the Key: The beneficiary designations on certain accounts and policies often override the instructions in the will. Ensure that your beneficiary designations align with your current wishes and update them when needed.
- Professional Navigator: Estate plans can be as complex as a treasure map and local laws can be a maze. When considering estate planning as newlyweds you should seek professional guidance to meet both of your needs and requests. Seeking an experienced professional will ensure in the future you’re taken care of.
- Life Events and Updates: Your life is an ever-evolving story. Whenever you experience significant changes, like having children, buying property, or adjusting your marital status, remember to revisit and update your estate plan accordingly.
Conclusion: As newlyweds, you’re crafting a beautiful story of love and commitment and estate planning is the practical and responsible side of that story. Embrace the journey with confidence, knowing that you are not just planning for your future but actively shaping it. Here’s to your Happily Ever After!
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Freya Allen Shoffner, Esq.
Shoffner & Associates
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