After those forms are updated, it may be beneficial to update any will that an individual has or to create a will. This will increase the odds that the other spouse, children or parents get as much money as the couple deems appropriate for each party. A will can also stipulate who is to care for a child or provide for their needs in the event that a parent passes on or becomes mentally incapacitated.
A durable power of attorney may be needed if a parent becomes incapacitated and the other parent needs to take care of that parent’s affairs. In the event that a couple has a sizable estate, it may be beneficial to put assets into a trust instead of a will. If assets are placed into a trust, those assets need to be titled in the name of the trust.
While newlyweds may not be thinking about creating an estate plan, there are many benefits to doing so quickly. Talking to an estate planning attorney may make it easier to ensure that beneficiaries are properly named and that assets go where they are intended to go. Creating proper directives may also help keep an individual’s affairs in order if he or she is mentally incapacitated. This may prevent the mismanagement of funds that are designated for heirs or only for health care costs.
Source: The Motley Fool, “Estate Planning for Newlyweds“, Anna Wroblewska, December 27, 2014
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