Estate Planning For Newlyweds
Estate planning is no longer just for mature couples. Newlyweds need to start planning their estate for the future.
In the first place, estate planning is a crucial aspect of life, especially for newlyweds who are starting their journey together. It involves making important decisions about how your assets and affairs will be managed and distributed in the event of your incapacitation or death.
Newlyweds need to start planning a living will plus a healthcare power of attorney among other things, to ensure that their wishes are respected and their loved ones are protected in difficult times.
Living Will
This document expresses your preferences for the use of life-sustaining medical procedures, such as artificial feeding and breathing, surgery, invasive diagnostic tests, and pain medication. It also specifies the situations in which these procedures should be used or withheld. A living will may contain a “do not resuscitate” order, which instructs medical personnel not to perform CPR in the event of cardiac arrest.
A Health Care Power Of Attorney
This document authorizes a surrogate — your spouse, child, or another trusted representative — to make medical decisions on your behalf if you’re unable to do so. An HCPA is generally broader than a living will, though there may be some overlap.
An HCPA might authorize your surrogate to make medical decisions that don’t conflict with your living will. These might include consent for medical treatment, placement in a nursing home or other facility, or authorization to employ or discontinue life-prolonging measures.
Finally
Moreover, understanding how these measures can provide the necessary peace of mind and stability for newlyweds, illustrates the need for early planning. It’s a good idea to have both a living will and an HCPA or, if allowed by state law, a single document that combines the two.
Contact an attorney and CPA with your questions regarding these or other aspects of the estate planning process.
This article is for informational purposes ONLY and is not intended to provide legal, accounting, or any other professional advice. Accordingly, we assume no liability whatsoever in connection with its use.
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