As a newlywed, you are likely focused on building a life with your spouse. You likely have dreams of shared goals and a bright future ahead. Amidst the excitement of your new life together, however, it’s important to take practical steps to protect your financial future and your medical interests via estate planning.
While this task might not seem romantic, estate planning as a newlywed can help you better ensure that your wishes are honored and that your spouse is taken care of, no matter what the future holds.
Priorities for your estate planning time and energy
To start, you’ll want to draft a power of attorney. A power of attorney allows you to name someone to make financial decisions on your behalf if you’re unable to do so due to illness, injury, age or even physical distance from certain obligations. As a newlywed, you may want to name your spouse as your power of attorney to better ensure that they have the authority to manage your finances if necessary.
Additionally, you’ll want to draft a living will in order to outline your wishes regarding medical treatment if you become incapacitated. Naming a healthcare proxy can also allow you to appoint someone to make healthcare decisions on your behalf. Naming your spouse as your healthcare proxy can help to better ensure that they can make consequential decisions in line with your wishes, should the need to do so arise.
Finally, you’ll want to draft a will and/or trust to address any assets that are not going to be distributed via an independent mechanism in the event of your death.
Imagining a day when you’re no longer able to support your spouse in all their endeavors can be a painful exercise. Yet, doing so is necessary in order to protect your interests and theirs.
