As you and your significant other prepare to exchange vows and begin a new life together, your thoughts about the future may include buying a home, starting a family, or maybe opening a small business. Whatever your shared goals may be, it’s important that you and your spouse prepare for the journey ahead by putting estate planning next on your to-do list.
Although estate planning is not the most romantic topic of conversation for newlyweds, it is essential and necessary to ensuring the financial security of your loved ones in the event of your absence.
In its simplest definition, estate planning involves a series of legal documents that include your last will and testament as well as detailed instructions on how you’d like to distribute your assets among beneficiaries. There are numerous reasons why creating an estate plan is beneficial to married couples, especially newlyweds about to embark on an exciting life together. Among other benefits, an estate plan:
- Ensures the financial wellbeing of your spouse and/or children
- Identifies a Power of Attorney to manage your finances
- Provides clear instructions on how to administer your estate
- Details your Living Will in the event of a severe accident or illness
- Avoids probate, which can be costly to your surviving spouse
If you’ve recently married, or you’re planning to tie the knot, you’ll want to contact an estate attorney to help you develop a comprehensive estate plan soon. Because an estate plan contains both separate and marital assets, they are created separately. However, it’s important that you and your spouse meet with an estate planning attorney together to ensure both plans align with your shared goals and needs.
At KTF Law Firm, our experienced estate lawyers will help you create a personalized estate plan that supports your last wishes and protects your family and valuable assets. To find an estate planning attorney near you or to learn more about living wills and probate law, contact our Minnesota law firm today.