Florida newlyweds embrace the future ahead of them; with so many things to experience and accomplish together, there is a lot for which to plan. Day-to-day living quickly turns into years of family and financial growth, and planning for what would happen to children and financial accounts in the event of death — though hard to discuss early in a marriage — can reduce stress and agony in the long run. Wills are just one of many legal documents that can lay out final wishes regarding several different topics of an individual’s life, all in one place, and it may be a good thing for newly married couples to discuss.
Some couples may already have their individual wills before the wedding takes place. In this instance, updating wills to include their new partner in life would probably be a good thing. Whether wills are already in place, talking about how assets should be divided, who should care for children and specifics on end-of-life care and treatment options will help each spouse fully understand the other’s wishes and how to proceed should something happen.
Along with wills, there are a few other documents couples should consider. Naming durable powers of attorney to a spouse will give them all rights necessary to keep finances in order in the event of incapacitation. With that, writing an advance medical directive will give specific instructions for desired medical treatment and grant access to medical records to ensure that adequate health care decisions are made.
Getting married is certainly a joyous event. Planning for all aspects of the future, even the parts that newly married couples don’t want to think about, is important for couples in Florida to discuss. While there can be a lot to estate planning, wills — along with financial and medical directives — are a great place to start and can be updated as life changes occur.
Source: dailyfinance.com, “Estate Planning for Newlyweds”, Anna Wroblewska, July 13, 2014