When starting out as a newly married couple, you may feel like estate planning only applies to older, wealthy couples.
According to a Caring.com survey, one in three people claim not having enough assets as the reason for not having a will. In reality, even young couples without children have many good reasons to start planning now.
1. Protect beneficiaries
Even if you do not own property, you still have assets. From your savings to 401k and life insurance, you still want to ensure that any assets you have go to the right people. While many assume everything will simply go to a spouse, that may not always happen. An estate plan provides legal documentation of your beneficiaries, helping them avoid the tedious and long process of probate court.
2. Control assets
A key element of ensuring your beneficiaries receive what you bestow includes appointing a successor trustee. This person will ensure that your wishes get carried out, which includes ensuring any charitable donations get made.
3. Choose the decisionmaker
While an estate plan may bring to thought an unexpected death, life comes with many other uncertainties. If you sustain a serious injury on the job or get into an accident that incapacitates you, who will make the crucial medical or financial decisions for you? Planning for the unexpected lets you assign a power of attorney for both. In a dire medical situation, it becomes easy for loved ones to have conflicting thoughts on what should happen. By having a power of attorney, you ensure your wishes take priority.
While it remains easy to focus on the newness of your marriage and the future, part of the future should include tough discussions and planning for the what-ifs of life.