Estate planning decides who will be responsible for your estate in the event that you die or become incapacitated and can no longer make decisions for yourself. A comprehensive estate plan allows you to leave important instructions relating to the distribution of your assets when you die.
Your estate plan can also include instructions pertaining to real estate, personal property, retirement accounts, and other investments. You can also name a guardian to care for minor children should it become necessary and provide instructions regarding health care decisions if/when you are no longer able to do so.
Creating an estate plan may sound daunting, but it is something everyone needs to do during their lifetime, including engaged couples.
Granted, engaged couples are not spending a lot of time considering issues such as divorce, incapacity, health problems, or their mortality. They’re spending most of the time thinking about getting married and starting a new life together. However, with marriage comes significant life changes. Engaged couples should prepare for what will follow after they say, “I do.” From that moment on, you are no longer single, but are now legally as well as financially connected to your partner.
What are some considerations when it comes to estate planning for engaged couples?
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
Now is the time for planning
Let’s begin with these important estate planning tips for engaged couples to consider:
- Create a prenuptial agreement
- Create or update a revocable living trust and/or will
- Create a Durable POA and Advanced Healthcare Directive
- Update beneficiaries
- Think about re-titling real estate and/or other accounts
Estate planning for engaged couples living in California is crucial because common law marriages are not recognized by the state. Being engaged to and/or living with your partner for years will not automatically give you the rights to their assets and property if they should die before making your relationship “official” in the eyes of the law.
Staying stress free
Getting engaged is an exciting time in a couple’s life. Their focus is likely on wedding planning and the honeymoon destination. Discussions about estate planning are not at the top of their list.
However, they need to be. An estate plan is a guarantee that family and friends understand you and your partner’s wishes for finances and healthcare if one or both of you can no longer make those wishes known.
Power of Knowledge
Power of Knowledge
You have questions — we have answers. Check out our FAQs section for some of the most common ones.
You and your spouse should revisit any estate planning documents that you created when single. We can help you make the necessary updates and/or changes to align with your new marriage. Contact the Hatley Law Group APC today about estate planning for married couples.