Now that you’ve exchanged vows and committed to a lifetime of love and happiness together, you’re probably focusing on completing some post-wedding tasks. But beyond sending thank you notes, preserving your florals, and planning a honeymoon, is estate planning on your radar?

Estate planning for newlyweds is extremely important as you prepare for your future as a couple. And among all the gifts you may have received on your wedding day, this is probably the best gift you can give yourselves. Estate planning can provide you with peace of mind during all chapters of your life—from family planning, to accomplishing financial goals, and protecting the assets you and your spouse have built over your lifetimes.

The Consequences of Not Having an Estate Plan

Estate planning allows you to prepare for the unexpected, and protects your spouse and your family long after you’re gone. By creating a thorough plan for the future, you’re providing your loved ones with a roadmap that details your wishes. While it may seem premature to be thinking about it, having an estate plan as soon as possible protects yourself and your spouse immediately from not only probate, but also disputes and unnecessary arguments that can arise with loved ones during an extraordinarily stressful and challenging time.

Failure to prepare can result in unfortunate circumstances, including:

• Inability to follow your wishes. In the event of incapacitation or death, your loved ones won’t have any final instructions detailing how to make decisions on your behalf. This lack of information can lead to confusion on how to manage your assets or divide your precious belongings as you would have wanted.
• Lack of guardianship control. If you’re planning on having children, then you want to make sure you always keep their best interests in mind. With an estate plan, you can make sure your children are cared for and protected, even when you’re no longer around. Without an estate plan that details the plan you would want executed, the courts will have to appoint a guardian for your children.
• Uncertainties around healthcare. Avoid having your family make tough medical decisions on your behalf by appointing a health care surrogate who understands your wishes. This can be accomplished through a Designation of Health Care Surrogate form. Make sure your voice has a presence even when you can’t communicate for yourself.

The Next Step to Take as Newlyweds

If you’re ready to take on estate planning for newlyweds, we recommend setting aside time each month to prepare for your future. Create a list of any assets you own, compile all information to access each other’s digital accounts (social media accounts, subscriptions, etc.), add each other as beneficiaries to investment or retirement accounts, and discuss your overall wishes for your family.

Estate planning is a journey that should be thoughtfully navigated. At Spinks Law Firm, we can help you take the first step toward protecting your legacy. Contact us today by giving our office a call at (813) 651-1233.