ESTATE PLANNING FOR NEWLYWEDS

Estate Planning Lawyer Phoenix, Arizona

Depending on when you marry in life, you and your partner may have some estate planning documents or none at all. Either way, it is a good idea to revisit estate planning as a couple after the wedding.

The Estate Planning Starter Kit

Most attorneys will agree that in order to truly care for and protect your family, consider creating, at a minimum, the following estate planning documents:

  1. Last Will and Testament: A complete Last Will and Testament should clearly outline the following:
    • The Executor or Personal Representative
    • The Beneficiaries
    • Instructions for How and When to Distribute the Assets
    • Guardians for Minor Children
  1. Financial Power of Attorney
  2. Healthcare Directives: Healthcare directives are a compilation of three specific documents:
    • Healthcare Power of Attorney
    • Living Will
    • HIPPA Authorization

Beneficiary Designations

Perhaps the easiest way to plan for your estate is to name beneficiaries on all accounts where such a designation is possible. In general, this means that the assets held in that account will pass to the person(s) you name upon your death, most likely your new spouse. Common accounts that allow for beneficiary designation include:

  • Bank Accounts
  • Retirement Plans
  • Life Insurance Policies
  • Etc.

Hire an Attorney

Do-it-yourself estate planning services might seem like an inexpensive and “good enough” option. But as an estate planning lawyer Phoenix, AZ  has faith in will recommend, you should always hire an attorney to help create legal documents. The do-it-yourself forms rarely account for the specific needs of couples.

Update Frequently

It is recommended you review and/or update your estate plan every 3-5 years, or at any major life event. So, what constitutes a major life event?

Familial changes

  • Marriage or Divorce
  • Birth or Adoption
  • Addition of Stepchildren or Dependents, such as incapacitated adults
  • When a child turns 18
  • Illness or Disability
  • Death of a family member
  • Death of a named guardian/trustee/personal representative/agent

Financial changes

  • Career change
  • Substantial increase or decrease of assets
  • Change in life insurance coverage
  • Purchasing a home
  • Taking out a large loan
  • Receiving a large inheritance or gift
  • Retirement

Legal Changes

  • Changes in state Laws
  • Addition of new state laws
  • Moving to another state

Each of the above familial, financial, and legal changes require the knowledge of an experienced estate planning lawyer.

If you and your newlywed spouse are interested in creating an estate plan, contact Kamper Estrada, LLP today. Our experienced estate planning attorney offers free one-hour consultations.

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