Estate Planning for Newlyweds – Life beyond the Altar
It’s that time of year – the time for beautiful weddings, fun receptions, delicious cakes, special gifts, carefully crafted speeches, and romantic honeymoons. While this is an exciting time for everyone, it’s also time for you and your new spouse to plan for your future – for richer or for poorer, in sickness and in health. This is a time to not only honor your spouse at the wedding altar by saying your vows; it is also time to uphold those vows by planning for the unexpected. It’s time to prepare your life together beyond the altar.Why Estate Planning matters for Newlyweds
Why should newlyweds care about estate planning? Because Estate planning is for everyone – young or old, married or single – everyone needs to protect themselves and those they love.
Leading up to the big day, couples planning for marriage are understandably excited about the prospect of their new life together. Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other. The honeymoon is fun and should certainly be planned for; however, it comes and goes quickly and then you’re left with the reality of figuring out how to protect each other after something has gone wrong.What Happens Without an Estate Plan?
This fallout of becoming incapacitated or dying without an estate plan is serious, expensive, and painful. It often causes financial ruin and family discord, lasting for generations.
Without an estate plan:
- A judge, not you, will decide who raises your children.
- You will leave your spouse and the rest of your family in the dark – they have no idea of what to do if you died or became incapacitated. This often leads to fighting as each individual believes and fights for what they think you would have “really” wanted.
- You’ll leave tough medical decisions to your loved ones without guidance, including withdrawal of life support.
- A judge, not you, will likely decide who makes health care decisions if you are unable to do so yourself.
- Your assets can become frozen so even your spouse has to get court approval before making a financial move.
- Your assets can be taken by a previous spouse, bankruptcy, medical creditors, and predators.
- You may accidentally disinherit your spouse and your children.
- Your beloved pet could end up in a shelter or euthanized.
We invite you and your new spouse to telephone our office to set up a meeting. We’ll walk you through how to protect each other and those you love; and how to protect your assets and make things easier for you and your families. Call an an attorney at Ogden Law Firm, PC at (209) 524-4466. We look forward to hearing from you.