Wedding season is coming to a close for the year – beautiful weddings, fun receptions, delicious cakes, special gifts, and romantic honeymoons. While this has been a joyous 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.
Why Newlyweds Need to Plan Their Estates
Why should newlyweds care about estate planning? Because everyone – young or old, married or single – needs to protect themselves and those they love.
Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other.
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:
- You will leave your spouse and the rest of your family in the dark – they won’t know what you would want to happen if you became incapacitated or died. This often leads to family fights as each individual champions for what they think you would have wanted.
- You’ll leave a huge burden on your loved ones to make tough decisions about medical heroics and the withdrawal of life support.
- The court or state law, not you, will decide who makes health care decisions if you are unable to make those decisions yourself.
- If you have children, a judge, not you, will decide who raises your children.
- The court can lock down your assets so even your spouse has to get court permission before making a financial move.
- Any assets you leave to loved ones can be taken by their divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.
- You may accidentally disinherit your spouse and your children.
What Should You Do?
Contact us today for a complimentary Family Planning Assessment. 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. We look forward to hearing from you.
Do you know someone who just got married? Why not give the gift of peace-of-mind. Contact our office or details.