Estate Planning For Newlyweds

Estate Planning For NewlywedsBefore you get to say “I do,” you have to go through months of tedious planning, so it is not surprising that you might want to fall into a post-wedding bliss and forget about everything that needs to be taken care of in the real world. However, taking the time to fill out some basic legal forms for you and your new spouse as soon as possible is very important, even if you want to keep that bliss as long as possible. These documents include, for example, the living will, powers of attorney, and HIPAA authorization forms.

Even though you might want to avoid talking about such grave issues after just tying the knot, here are some issues you should consider:

Who will get what? Wishes regarding asset distribution.
Most of us have some belongings that hold more value, whether sentimental or financial, to someone other than our spouse. Unfortunately, even the most honorable families can be taken over by greed, so just telling your spouse that your old baseball card collection should go to your favorite nephew might not be enough. Make sure your assets go to the person you want them to go to, without the pointless drama, and have these wishes included in a proper legal document. Simple asset distribution can be handled with a basic last will.

Who will take the reins? Financial and health information.
Your spouse does have the legal right to make medical decisions for you if you end up incapacitated, but they do not automatically have access to your old medical records. If you want to make sure your spouse has all the information they need for making decisions regarding your health, get a healthcare power of attorney and HIPAA authorization. The same goes for your financial information. Without a property power of attorney, your spouse will not be able to access your business account to pay your bills when you are, possible just momentarily, in no condition to do it yourself.

What should be done? Quality of life concerns and final wishes.
Life support or burial issues might not be the first thing to come up when people are dating, but it is important to go over these matters with your spouse. Your parents and your spouse will not necessarily agree on what should be done, when, and how. Stating your own wishes in a living will can make those decisions easier for your family as far as quality of life issues are concerned, and having a basic last will should make burial issues easy to resolve.

When you want to draft a will or any other estate planning document, make sure it is done properly.To ensure that the documents are legally sound and your wishes are carried out following your death, contact a knowledgeable Naperville, Illinois, estate planning lawyer, and let them help you with drafting your Will and other important estate planning documents.