Estate Planning for Newlyweds
We are once again fast approaching wedding season, the time for beautiful ceremonies, exciting receptions, delicious meals, thoughtful gifts and romantic honeymoons. While weddings are a joyful experience for everyone involved, they also serve as a reminder for you and your spouse to plan for the future: for richer or for poorer, in sickness and in health.
Why Newlyweds Need Estate Planning
Newlyweds should take time and address the issues of estate planning because all of us, young and old, married and single, need to protect ourselves and those we love.
What Can Happen Without an Estate Plan
The fallout of dying or becoming incapacitated without an estate plan can be expensive and very painful. It can cause serious financial ruin and family disagreements that last for generations.
Without an estate plan, you are essentially leaving your spouse and the rest of your family in the dark. They won’t know what you would have wanted to happen after your death or incapacitation. This can lead to long standing fights with each family member championing for what he or she thinks you would want.
If you don’t create your estate plan, you will leave a substantial burden on your loved ones. They will have to make difficult decisions about medical procedures and life support. If you are unable to make health care decisions yourself due to illness or incapacitation and do not take the appropriate estate planning measures, the court will decide who will make these decisions on your behalf.
Without an estate plan, a judge will be the one who decides who will raise your children. The court can also control your assets so that even your spouse has to get permission to access your finances.
If there are assets you wish to leave to your loved ones, an estate plan is crucial so that they can’t be taken by their divorcing spouses, creditors or in frivolous lawsuits.
What You Can Do
To avoid the heartache and hassles that can result from the above mentioned situations, take time to discuss your thoughts about estate planning with your spouse and talk with a trusted estate planning attorney to learn how you can protect each other and your loved ones. An estate planning attorney will help you plan for the future and walk you through the process. You will learn how you can protect your assets and make things easier for your family during difficult times. You may even want to consider a consultation with an estate planning lawyer as a wedding present to yourselves.
Give yourself and your spouse the peace of mind that comes with a comprehensive estate plan. To discuss your specific needs with one of our estate planning attorneys in Pittsburgh, please call us at Fingeret Law at 412.281.8222 or contact us online.