For most couples, the first months of marriage are some of the most exciting months of life. These months seem like the least appropriate time to discuss “gloomy” subjects like the possibility of future sickness or death. While it may not be the most comfortable subject for newlyweds to discuss, the attorneys at Skeeters, Bennett, Wilson & Humphrey think it is wise to do so. Our attorneys believe that having an estate plan to protect and care for your new spouse can not only strengthen your financial situation, it can also help your marriage.
Unfortunately, many newlyweds are unaware of the importance of estate planning or decide to put it off until a later time. As time passes, though, starting an estate plan will only become more complicated. With the introduction of children and grandchildren, assets change and family dynamics shift. Getting an early start on an estate plan for your new family can lay the groundwork for your future and can be tweaked as your family changes and grows.
Here are some of the documents that typically make up part of an estate plan for a newlywed couple:
A last will and testament allows you and your partner to make important decisions on what happens when you pass away. If you don’t have a will, these decisions will be made by a probate court in accordance with Kentucky statutes. In a will, you can choose who will manage your affairs, be the guardian of your children and what happens to your assets.
- Living Will
A living will allows you to spare your loved ones from having to make difficult end-of-life decision on their own. This gives your loved ones a great gift by helping them know your wishes without putting them through an enormous trial and second guessing.
- Power of Attorney
If you’re ever incapacitated, a power of attorney will help to ensure that your financial affairs remain in order. A power of attorney delegates someone you trust to handle financial transactions on your behalf while you’re unable to do it yourself.
If you are newly married and have questions about these legal documents, don’t hesitate to contact an attorney. The attorneys at Skeeters, Bennett, Wilson & Humphrey want to make sure you and your spouse get the difficult conversations out of the way early, so they are less complicated in the future.