Getting married and planning a life together can be an exciting time for a couple. While there is a lot of fun to be had, it’s also important to focus on planning not only for the wedding, but for the future. If you’re about to get married or newly married, it’s essential that you and your partner consider investing in an estate plan so that you’re prepared for all of life’s events. Take a look at the following information to better understand some of the essential estate planning documents for newlyweds. Also, make sure to talk to your lawyer, such as Price & Associates, for more information.
A will is one of the most important estate planning documents that you can create, because it allows you to achieve many goals. You can use your will to leave your assets behind to your partner or spouse. You can also name an executor, or an individual who will handle your estate affairs after your death. Additionally, if you have minor children, you can choose a guardian for their care in the event that you and your partner are unable to do so. Both you and your partner should discuss the use of this document so that you can be prepared for the future.
Financial Power of Attorney
You never know if you will find yourself in a medical emergency situation, such as being incapacitated. In this situation, you won’t be able to handle your own money affairs. It’s important that you create a financial power of attorney document so that you can give someone else the power to handle your money matters. They will be able to pay your bills, make deposits and withdrawals, and handle investments for you. You and your partner can choose to list each other so that you know both of your affairs will also be in order.
Healthcare Power of Attorney
If you do find yourself in a serious medical emergency, you also want to make sure that you have great healthcare. A healthcare power of attorney document allows you to choose a trusted loved one to handle your medical affairs for you. They can talk to doctors, change facilities, and make sure that you’re getting the right treatment. It’s recommended that you and your spouse consider this tool as a way to prepare for all medical situations.
These are some of the most important estate planning tools that you and your partner should consider implementing. When starting your new life together, you want to make sure that you’re ready for the happy and uncertain times.