Why Every Newlywed Needs an Estate Plan
You plan for your wedding months in advance. You plan for the flower arrangements, the theme, the catering, and everything else to ensure the day goes smoothly. But the planning doesn’t stop once the day is over. You must then plan for your growing family. Here are some reasons why every newlywed needs an estate plan.
When you marry, chances are you will get a place of your own. If you own the property, you don’t want your home to go into probate if something were to happen to you or to your spouse. When you create your estate plan, your home will be included in a trust. That way, you will avoid probate costs.
New Life, New Baby, New Estate Plan
Every parent wants to protect their child. For those newlyweds who plan on having their first baby, an estate plan will ensure that your child is protected with guardianship nominations and safeguarded with future inheritance options.
Probate Laws for Married Couples
Probate rules are different from separate to community properties. An estate plan will help arrange your assets and properties as a married couple.
You’re Practically Married, Just Not on Paper
For those of you who are not legally married but are practically spouses, having an estate plan is just as important. If you are not legally married, you should still secure each other’s future legal rights.
An Estate Plan for the Unexpected
Nobody wants to talk about death. But death is part of the deal when you’re mortal. You can prepare for that day ahead of time. Doing so will take a great load off your shoulders. If your spouse passes away, their money is not guaranteed to go you. That chance is increased if the deceased spouse had children from a previous marriage, a prenup agreement, or joint assets with someone other than you. A well-crafted estate plan can help settle these issues ahead of time.
It’s common for newlyweds to move residency from place to place. If you were to move out of state, you would need a new set of estate planning documents that meet the new state’s requirements.
Why would you need an estate plan if you are newly married? That’s a common question I often hear from clients, especially when they are younger and healthier. But being legally prepared is a necessity for everyone, young or old. Schedule your free consultation at Bazikyan Law Group by calling our office or visiting our website!