After the whirlwind of marriage is over and the dust is settled, most newlyweds in Florida turn their attention to planning for their future. While this often involves financial planning geared towards savings, purchasing a home, career advancement and children, estate planning is also an important component that should be addressed.
While estate planning may appear to be something that can be put off, it is a good idea to plan early. No one can know if an accident may happen, and being prepared in the event of an emergency can make handling one’s affairs much easier for the other spouse. In the event a spouse is left incapacitated by an unexpected catastrophe, having a durable power of attorney and an advanced medical directive in place may be highly beneficial. With a durable power of attorney, a spouse may make important financial decisions as outlined by the incapacitated spouse on his or her behalf. Similarly, an advanced medical directive can allow the other spouse to inform the doctors of the type of care the grantor wishes to receive, taking away potential pain in wrestling with tough decisions.
Writing a will can also be important, as state intestacy laws may provide for a different result than the decedent intented. By writing a will, a spouse may ensure that his or her partner receives their intended share of the estate.
While the thought of estate planning may seem distasteful to newly married couples, it can be an important undertaking in order to provide for contingencies in the event an accident or illness occurs. Thus, along with meetings with financial planners, bankers and others, obtaining the advice of an estate planning attorney may be a beneficial step to take.
Source: The Motley Fool, “Estate Planning for Newlyweds“, Anna Wroblewska , December 29, 2014