If you were recently married, now is an excellent time for you and your new spouse to consider safeguarding the future with an estate plan. Estate planning is one of the most responsible actions you can take as a couple, ensuring that no matter when either party dies, your assets are distributed according to your wishes and your family is protected.
Although every couple’s needs are unique, there are some basic estate planning tools that would benefit most.
For part 2 of this blog series, we will review 3 more estate planning essentials you should consider incorporating:
- Durable financial power of attorney: A durable power of attorney will allow someone else to make financial decisions on your behalf should you become incapacitated and cannot make these decisions yourself. In most cases, married couples typically choose their spouse to make these decisions, but you also have the power to assign this role to someone else. Your durable power of financial attorney will be able to pay your taxes and bills, collect government benefits, and manage any investments you may have.
- Medical power of attorney: If you become incapacitated, a medical power of attorney will also come in handy. The person assigned to this role will be able to make medical decisions on your behalf, including treatment and whether you would want nutrition and hydration to be supplied. Your medical power of attorney would also be able to decide whether or not to take you off life support if you entered a vegetative state.
- Guardianship designations: If you have minor children or you and your spouse have plans to start a family, you should name guardians for them. In the event that both of their parents passed, the guardians you choose would care for your minor children. Otherwise, this decision would fall upon the court and it may not be what you would have wanted.
It is never too soon to plan for the future, so do not put off this important step as you and your new spouse build a life together.
Speak to an Experienced Estate Planning Attorney Today!
At Aria Law PLLC, our knowledgeable estate planning team is prepared to guide you through the process of creating these important legal documents. With our assistance, you can rest assured that your future is protected.
Reach out to our law office today at (210) 960-9996 to request a consultation with one of our attorneys to get started on creating your estate plan.