Article provided by WealthCounsel;
Content edited and modified by Samuel P. Wickstrom
Marriage is a joyous milestone, marked by a beautiful wedding, a lively reception, and a romantic honeymoon. It is also a great time for you and your new spouse to plan for your future together.
Why You and Your New Spouse Need to Plan Your Estates
Why should you and your new spouse care about estate planning? Because everyone deserves the peace of mind that comes from protecting themselves and their loved ones against life’s unexpected challenges. However, many couples spend more time arranging their honeymoon than structuring the best way to protect and provide for each other through estate planning.
What Happens Without an Estate Plan?
Without an estate plan, if you become unable to manage your own affairs due to incapacity or death, your new spouse could face unnecessary challenges and costs in administering your estate during an already difficult time. Estate planning is a powerful way to make their journey forward easier.
If you are alive but can no longer manage your own affairs (in other words, you become incapacitated) and do not have an estate plan:
- You will leave your spouse and the rest of your family in the dark. They will not know whom you would like to make decisions for you or how you would like your property and accounts (your assets) to be managed during your incapacity. This situation can lead to family conflict and damaged relationships as your loved ones each guess what they think you would have wanted.
- Your loved ones will face the burden of making tough decisions about what you would want for medical interventions, life-sustaining care, and the withdrawal of life support.
- The court and state law, not you, will decide who makes healthcare decisions for you if you are unable to make or communicate those decisions yourself.
- If you are your minor children’s only legal parent and you cannot take care of them because of your incapacity, a judge, not you, will decide who will take your place.
- In certain circumstances, the court may lock down access to your money and property so that even your spouse must get court permission before making financial moves or necessary expenditures.
If you pass away without an estate plan:
- Again, you will leave your spouse and loved ones in the dark—this time regarding whom you would want to wind down your affairs and whom you would like to inherit your assets.
- If you have not prepared a will to nominate a guardian for your minor children and you are their only legal parent, the court will be left to appoint a legal guardian based on state law and what the court deems is in the best interests of the child with no input from you.
- Assets that your loved ones receive at your death may be exposed to divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.
- Depending on state law, your spouse, children, and other family members may all be entitled to share in receiving your assets.
What Should You Do?
We invite you and your new spouse to call our office to schedule a consultation. Together, we will guide you through the steps on how to protect each other, those you love, and your hard-earned assets, ensuring peace of mind for you and your families. We look forward to hearing from you.
