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MarriedIf you are engaged and about to get married, or you recently got married, you may not realize it, but now is the perfect time to create your estate plan.  You are probably already talking about how to organize your assets, whether separate or joint.  You are also trying to figure out how to pay for bills, who is paying the bills, and a host of other issues.

As you talk about your present finances and goals, do not forget about how important it is to talk about the future of your finances and goals.  It is important to be prepared for the future so you can protect your spouse, kids, home, and whatever else your future together has in store.

Why Think About Estate Planning at this Point?

Chances are you have more assets than you think.  It may not feel like it, but that is probably true.  But because you have recently reviewed your finances, or are still doing so, creating a will or trust-based plan can be very straightforward.

You may have heard that the law gives everything to your spouse if you do not have a will.  If this is your first marriage and you do not have children, that is true.  But these laws only address what happens after you pass away, not if you are ever unable to take care of yourself but you are still alive.  An estate plan should provide you with peace of mind and address life’s possible situations.

An estate plan can provide for property that you do not own yet but plan to.  This can help you put your plan on a solid foundation and make it easier to update your plan in the future.

Of course, you may get married with assets, and an estate plan can begin immediately to provide protection and structure for your assets.

Who Can Make Decisions for Me, If I Can’t?

If something were to happen to you, but you do not pass away, who will take care of you?  Financial and medical powers of attorney state who can take care of you and what kind of decisions they can make.  With powers of attorney, you not only have the final say on who can serve and how, but you are protected from court interference.

What Kind of Care Would I Want?

A Living Will states what you want to happen if you are in a persistent vegetative state or have a terminal illness.  If you are reliant on machines to keep you alive, do you want treatment to continue or to be let go?  This allows you to express your wishes and relieve your loved ones from the responsibility of making that decision.

Who Will Look After the Kids?

If you have kids, or do not have them but hope to, an estate plan is essential.  Minor children do not control their inheritance, which means that the court will be involved in their financial lives until they turn 18, at which point they get full control over the money you gave to them upon your passing.  Furthermore, you need a will to nominate who will raise your children and take care of them while they are minors.  Without a will, the court has to make a decision without any input from you.

Final Thoughts

Now may be an exciting time of your life or someone you know, and a responsible part of that process is to prepare an estate plan.  Contact The Rains Law Firm or schedule a complimentary initial meeting to start this process.