One of the greatest joys of getting married is getting to make countless life plans with the person you love. If you’re a newlywed, you should embrace estate planning right away. Estate plans are created with the help of a qualified attorney and detail how your shared assets will be managed, as well as establish clear decisions for major life events. If you’re recently married or getting ready to tie the knot, here are a few important steps to take.  

What Estate Planning Matters Should Newlyweds Address?

1. Update Beneficiary Designations

If either spouse passes away, a well-designed estate plan can ensure the surviving partner inherits assets. Bank accounts, for example, can be made payable-on-death to a spouse.

Vehicle registration and real estate deeds can also be made transferrable-on-death to a spouse. Other assets can be bequeathed to the husband or wife by listing them as a beneficiary within a will. 

2. Establish Power of Attorney

If you pass away or become incapacitated, your financial accounts and responsibilities will still need to be tended to. While a spouse can often attend to these matters, the responsibility may be too much—especially if they’re focused on your recovery or grieving your loss.

Power of attorney names a legal representative who will be able to manage these matters so that all responsibilities are cared for if emergencies happen. The person you name to gain power of attorney should be an individual you trust, such as a family member, friend, or lawyer.

3. Make an Advance Directive

When emergency decisions need to be made about a person’s medical care—such as whether to use life-sustaining equipment—the spouse or other family members usually have the right to provide input. However, these decisions can be tough for loved ones to make.

An advance directive is a legal document you can organize to ensure your new husband or wife won’t be faced with these difficult choices. Instead, medical providers will be expected to comply with the affected individual’s wishes as described by the advance directive.

Whether you’re a newlywed or have recently celebrated your 50th wedding anniversary, McClure, Ramsay, Dickerson & Escoe, LLP, in Toccoa, GA, is here to help get your estate organized. These attorneys are well-versed in estate law and are ready to create clear and concise wills, trusts, advance directives, and other related documents for clients throughout Northern Georgia. Visit them online to learn more about their practice areas, or call (706) 886-3178 to schedule a consultation.