After getting married, newlyweds often don’t recognize estate planning as being a priority. However, because a big lifestyle change has taken place, the couple must be practical and think about the importance of preparing for unpredictable circumstances. Below are four priorities to put at the top of your to-do list after saying ‘I do.”
Create a Will
Assets that aren’t transferred by ownership, beneficiary designation, or trust are distributed according to the terms of a will. If you don’t have a will, assets transfer according to the laws of the state of Florida.
Draft a Living Will
A living will specifies to medical professionals as well as your family members what end-of-life (EOL) treatments you want to receive and under what conditions you want to receive them.
Designate a Power of Attorney with Health Care Powers
A Durable POA gives you the opportunity to choose who will be able to make financial decisions on your behalf and follow your wishes. An advance healthcare directive identifies the proper steps to be taken if you can no longer make your own health decisions due to incapacitation or disablement. It is ultimately used to acknowledge your wishes and prevent unwanted medical treatment. These documents must be clear and properly written while also meeting all the legal requirements.One misconception about advance directives is that they are only important when you’re older. Even if you are young and healthy, you should still complete advance directives.
Assets pass to the individuals designated as beneficiaries on certain contracts or accounts, such as life insurance policies, 401(k) plans and IRAs.