Just Married? It’s time to think about Estate Planning First of all, congratulations on your marriage! We know planning a wedding can be exhausting and you probably don’t want to think about anything else, especially not more legal documents! But before you relax into your newly-wed bubble, there are some important things you should consider regarding your estate (i.e. everything you own).
A Will If you don’t already have a Will in place, now is the time to get it sorted. Even if you think you don’t have many assets, you still need a Will. If you already have one in place and have just got married, you need to review it as marriage actually revokes a Will! If you did not make a Will in contemplation of marriage, it means that you no longer have a valid Will in place. If you did make it in contemplation of marriage, given everything that’s happened over the past year, it’s still a good idea to review it to go over all of your assets.
Bank Accounts Are you planning on sharing a bank account with your spouse? If so, you’ll have to update the information on the accounts - it’s not very time consuming but it’s an important step that can be overlooked by many married couples!
Consider Life Insurance Policies Life insurance is a vital factor in any estate plan. If anything happens to you, it will help to ensure your loved ones won’t face financial hardships if you pass away unexpectedly. It helps to take away a lot of financial stress for your spouse and any future children should anything happen.
Lasting Powers of Attorney It’s important to appoint your spouse as your attorney if you want them to handle your financial affairs and make decisions on your behalf , about your health, in the event that you’re unable to do so yourself. They’ll be able to have control over things like your bank accounts, bonds, and properties. There are two different types of Lasting Powers of Attorney, one for finances and one for health. Many people have the misconception that spouses already have the power to make these decisions because they’re each other’s next of kin, but that’s not actually the case. You need to be appointed as an Attorney to have the authority to make those legal decisions. If you are just married, be sure to get in touch with Kindred Estate Planning and we can help you make Estate Planning a stress free and easy process!