Why Estate Planning Should Be a Top Priority for Newlyweds
Newlyweds are typically in a bubble of high spirits for many weeks after their marriage. While they may want nothing more than to bask in their happiness, they do need to consider some things about their future. Estate planning is one of the most essential, yet often omitted tasks, a newly married couple in PA should address, above anything else... including children.
While no newlyweds want to think about the death of themselves or their spouses, Proper planning means there is no uncertainty or surprises should something dire happen. Thousands of people are injured or killed every day, in accidents that have nothing to do with how they conducted their lives. According to the National Safety Council, for example, the odds of dying of heart disease are 467 to 1, yet the possibility of dying while simply walking is 54,538 to 1. Life happens, and it's never too soon to start planning.
As a newlywed, you or your spouse may have changed their last name, been added to one or the other's health insurance, opened a joint checking account, but have you listed each other as your next of kin? Do you have yourselves listed as the beneficiary of life insurance policies? Do either of you even have life insurance? How do you want your health and wellness to be handled if you are mentally or physically incapable of taking care of yourself? These are all life-changing questions that come up in estate planning.
Marriage doesn’t give your spouse the automatic, absolute right to make decisions for you in the event of your incapacity. If you would like your spouse to make those decisions, you need to set up a durable power of attorney and a medical advance directive. In the event of an accident, they will then be empowered to make decisions on your behalf. If both of you are injured in the same accident, you need to set up an alternate, assuming the worst may occur.
Estate planning doesn't have to be morbid. As a matter of fact, Scaringi Law's founding partner, Melanie Walz Scaringi has an incredible amount of family law and estate planning experience. Her expertise mentors and guides all Scaringi Law attorneys handling estate planning. If you’d like to discuss your estate planning matters with a knowledgeable Pennsylvania estate planning attorney, call Scaringi Law today at (717) 775-7195! We've provided decades of guidance helping individuals and families just like yours, organize and set up protections for their loved ones and their assets.
Call, chat, or fill out our convenient Contact Us form and let's get started planning the future of your estate.