Three Estate Planning Tips for Newlyweds
Congratulations on your upcoming or recent marriage! You’ve spent time and care planning your wedding and honeymoon, and now is a great time to evaluate your estate plans. Now that you’ve legally joined your lives, it makes sense to have a comprehensive Florida estate plan that addresses both of your estates and any join property that you have.
Update or Create Your Will(s)
A will is a legal document that lays out what you’d like to happen to your property upon your death. Some couples prefer to create “I love you” wills for each other. Each spouse leaves the entirety of their estate to the other spouse and then to their children upon their death. One advantage of this type of will is its simplicity.
If you have a lot of different property, a trust may be more advantageous for you. You and your new spouse can place all of your assets into a trust that will remain private. Many married couples create a living trust. One advantage of a living trust is that you and your spouse can amend it or revoke it during your lifetime. If you purchase more property or sell property, it is relatively easy to modify the living trust.
Upon death, the trust becomes irrevocable, and the trust beneficiaries may not alter the trust provisions. Your trust will not be subject to going through the probate process upon your death.
Update The Beneficiaries On Your Accounts
Many people forget to update the beneficiaries for accounts that are “payable-on-death.” Take a look at the following accounts and make your spouse the beneficiary if you’d like to do so.
- Health Savings Accounts
- Investment Accounts
- Retirement Accounts
- Insurance Policies
- Bank Accounts
It may be wise to sit down with your spouse and discuss which accounts you have and talk about what you’d like to do if you both pass away at the same time. You may want to agree on a second beneficiary after each other. It may be wise to make a list of all payable-on-death accounts. If one spouse passes away, this information will cause a difficult situation to be less stressful for the surviving spouse.
Name Your Durable Power of Attorney
In Florida, a durable power of attorney allows someone you designate to make decisions on your behalf if you become incapacitated. For example, let’s say you become so ill that you cannot make decisions for yourself. Your power of attorney designee will step in and decide which procedures you’ll have and which life-saving measures doctors can take. Your Florida durable power of attorney is a legal document that needs to be signed by yourself and two witnesses and notarized.
Reach Out to an Attorney for Help
Hiring an attorney can be advantageous. Why not start your new life as a married couple with an updated and skillfully written estate planning documents? Contact the experienced St. Petersburg estate planning attorneys at Legacy Protection Lawyers, LLP to set up your appointment today.