Prepare for The Future Together: Estate Planning for Married Couples

Summer is wedding season. Starting your new life together as a married couple can be an exciting time. However, there are also a lot of things you need to do to prepare for your future together, like estate planning. The team at Elder Law Lawyers in Lexington, KY, is here to help you navigate this aspect of your new marriage. 

What Do We Need in Our Estate Plan? 

Estate planning can be confusing. You may not even think you need to consider such things if you are young, healthy, and do not have children, as is the case with most newlyweds in Kentucky. These are among the many reasons why 60% of Americans do not have an estate plan in place, according to the AARP. 

However, having the proper documentation in place can ensure your wishes are fulfilled, even if you can no longer express them yourself. They can also provide your spouse with instructions to follow in certain situations. Below, we highlight the basic documents you need in your estate plan as a married couple. 

1. A Will

When most people think of estate planning documents, they think of wills. Put simply, a will is a legal document that specifies the distribution of an individual’s assets, including money and property, after their death. If you had a will before your marriage, now may be the time to update it to include your spouse as the beneficiary or the individual who will receive your assets according to this document. 

When you do not have an updated will, your assets will be distributed according to Kentucky’s intestate succession laws, which determine who inherits your estate. If you have children under the age of 18, the state will also appoint a guardian for them, so this needs to be indicated in your will as well. An estate planning lawyer can help you create a will that reflects your wishes and family situation. 

2. Advanced Directives

Estate planning can also help you and your spouse while you are still living through advanced directives. This type of documentation allows you to make decisions about your healthcare and share them with your spouse and healthcare providers, even if you cannot verbalize them. There are two main types of advanced directives: 

Healthcare Power of Attorney

The first type of advance directive is a healthcare power of attorney. This document allows you to name your spouse or another individual of your choosing to make healthcare decisions for you when you are unable to speak for yourself. 

Through this document, you provide your spouse or other chosen representative with the information they need to make medical decisions on your behalf. This information includes your preferences regarding:

• Where you want to receive treatment
• Your personal beliefs and values
• Who you want to make healthcare choices for you if you cannot do so yourself
• Other specific instructions for your appointed representative

As a married couple, you should also discuss your wishes with each other before taking on the role of a healthcare power of attorney for one another. Then, consult with an estate planning lawyer to put these wishes into writing. 

Living Will

The other type of advance directive is a living will. Unlike a healthcare power of attorney, this document is situation-specific. It tells your spouse and healthcare provider about the kind of treatment you want to receive as you approach the end of your life. As long as you are able to express your wishes, this document, or any other advance directive, will not dictate any actions taken regarding your care.

3. Power of Attorney

Along with future medical decisions, married couples need to consider how they will handle each other’s finances if they no longer have the capacity to do so. A power of attorney can make financial and other decisions on behalf of an individual who has become capacitated due to age or illness. 

Typically, spouses serve as each other’s powers of attorney. However, a trusted friend or family member can fulfill this role if you prefer. An estate planning lawyer can help you decide how much responsibility your power of attorney will have and craft a document that reflects this. 

Prepare for The Future Together With Elder Law Lawyers

When you’re ready to start preparing for your future together as newlyweds, Elder Law Lawyers in Lexington, KY, is here to help. We can provide the guidance you need to create an estate plan that reflects your unique goals and wishes. To get started, contact our team today.

Plan for Your Future With Kentucky With Elder Law Lawyers

With the help of the estate planning team at Elder Law Lawyers in Lexington, KY, you can get your future together as a married couple off to a great start. Contact us online or call us at 859-543-0061 to get started today!