Posted on: 17 October 2017Share
If you're a newlywed, you probably haven't given much thought to estate planning. After all, young people don't need estate planning. Right? Not necessarily. There are a lot of reasons why even newlyweds need the benefit of a good estate plan. You never know when something is going to happen. If it does, you need to be prepared. Here are four important reasons why you need to have your estate in order, even if you're newlyweds.
You Had a Prenuptial Agreement
If you and your spouse entered into a prenuptial agreement prior to getting married, you're still going to need proper estate planning. Everything that was covered in your prenuptial agreement will need to be documented in your estate plan. Failure to do that could result in probate delays while the details are investigated by the courts. To protect your estate, and your spouse, you'll need a good estate plan.
You Owned a Home Prior to Marriage
If you purchased a home for yourself before you were married, it's probably in your name. Now that you're married, that home becomes your spouse's home too. Not necessarily in terms of joint marital property, but in terms of living arrangements. If you want to make sure your home is taken care of properly after you pass away, you need to have it documented in an estate plan. This should include whether you want your spouse to receive the home after you pass away, or you want it to be sold.
You're Planning on Having Children
If you and your spouse are planning on having children, or you've had children prior to marriage, an estate plan will help you provide for their needs should you pass away. Your estate plan should include who you wish to become guardian of your children should you and your spouse pass away at the same time, as well as wishes you have for your children. Your estate plan should also include documentation about who should retain control of your estate, including any money that you will leave to your children.
You Need Power of Attorney
If you and your spouse don't have power of attorney over each other, this is something that should be included in your estate planning. Having power of attorney allows spouses to make decisions when the other one is not able to do so. You and your spouse should obtain durable power of attorney, as well as medical power of attorney. Durable power of attorney allows you to sign for business transaction, which medical power of attorney allows you to make medical decisions for your spouse.
You may be a newlywed, but you still need estate planning. Speak to an attorney near you to get your estate in order. You can also visit websites like https://ivylawgroup.com.