Estate Planning for Newlyweds

Estate Planning Lawyer Phoenix, AZ

Estate Planning Lawyer Phoenix, AZOne of the most frequent causes of marital strife is finances. Multiple studies have shown that couples who disagree over financial matters are at a high risk of ending up in divorce court. For couples who are planning their wedding, it is important to add one more item to the to-do list —  estate planning.

Contact Kamper Estrada, LLP to meet with an estate planning lawyer in Phoenix, AZ and discuss what your needs may be.

Beneficiary Designations

Many engaged couples already have several items of estate plans in place. For example, they may have life insurance policies already in place, as well as retirement accounts they have been adding money to. Items like these have beneficiary designations. When a couple is getting married, if they want their new spouse to be the beneficiary, they will have to make sure those changes are made. Make sure to update all financial accounts, including IRAs, 401ks, bank accounts, brokerage accounts, and any other accounts with beneficiary designations.

Update a Current Will or Create a New One

An experienced estate planning lawyer can help couples update their wills to reflect their marriage. If neither individual has a will, a lawyer can draft a will for each spouse to designate heirs and determine what should happen to each person’s assets. Drafting a will often encourages discussions about finances that couples may not have had yet. Couples will also want to update their wills later if they have children or if any other major life events occur.

Power of Attorney and Advanced Health Care Directive

A power of attorney names an individual who will be in charge of your financial affairs should you become incapacitated and unable to take care of them yourself. A power of attorney can also be named as the person who will make your medical decisions. An advanced health care directive is a document that stipulates which life-saving medical interventions — if any — should be taken if you become incapacitated. An estate planning lawyer in Phoenix, AZ can help you and your new spouse draft all of these documents. This is a good opportunity for couples to have a discussion about advanced medical care — a conversation every couple should have, but many never do.

Let an Estate Planning Attorney Help

At Kamper Estrada, LLP, we have been helping clients at all stages of their lives set up their estate planning needs. Whether you are a single individual, newlyweds, middle age, or senior citizens, our estate planning lawyers may help you determine the best types of estate planning tools for your situation.
If you are getting married, or have any other life changes taking place, contact a skilled estate planning lawyer Phoenix, AZ families trust from Kamper Estrada, LLP. We can discuss the types of estate planning tools that are available to you and we may work together on a plan to help you achieve your financial goals. Call us today for more information.