Estate Planning Basics for Newlyweds: Prepare for the Unexpected

2025-01-14 by Sue Hunt

Getting married is such an exciting time! Between the beautiful wedding, fun reception, and romantic honeymoon, there's a lot to celebrate. But it's also the perfect time to think about your future together and plan for the unexpected.

Why You and Your New Spouse Need to Plan Your Estates

Estate planning might not be the first thing on your mind, but it's essential for everyone—whether you're young or old, married or single. It gives you peace of mind knowing that you and your loved ones are protected against life's surprises. Unfortunately, many couples spend more time planning their honeymoon than thinking about how to protect each other through estate planning.

What Happens Without an Estate Plan?

Without an estate plan, things can get complicated if you become unable to manage your affairs due to illness or injury, or if you pass away. Here are some potential issues:

Incapacity: If you can't manage your own affairs, your spouse and family won't know who should make decisions for you or how to handle your assets. This can lead to family conflicts and tough decisions about medical care.
Healthcare Decisions: Without a plan, the court and state law will decide who makes healthcare decisions for you if you're unable to do so.
Minor Children: If you're the only legal parent and can't take care of your children, a judge will decide who will take your place.
Financial Access: The court may restrict access to your money and property, even for your spouse, requiring court permission for financial decisions.

If you pass away without an estate plan, your spouse and loved ones will face additional challenges:

Estate Administration: Your family won't know who should handle your affairs or inherit your assets.
Guardianship: Without a will, the court will appoint a guardian for your minor children based on state law.
Asset Exposure: Your assets could be exposed to creditors, divorcing spouses, and lawsuits.
Pet Care: Your beloved pet could end up in a shelter if no arrangements are made for their care.

What Should You Do?

We invite you and your new spouse to call our office at 336-373-9877 to set up a meeting. We'll guide you through protecting each other, your loved ones, your pets, and your hard-earned assets. Let's make things easier for you and your families.

We look forward to hearing from you!