Docstoc

Newlywed? Consider These Estate Planning Tips

Document Sample
Newlywed? Consider These Estate Planning Tips Powered By Docstoc
					Newlywed? Consider These Estate Planning Tips

Marriage marks a huge milestone, and it involves countless adjustments in many
areas of your life. One area that newlyweds often overlook is estate planning.
When you’re embarking on a new phase in your life, the last thing you want to
think about is what would happen if one of you passed away or became disabled.
However, laying the right groundwork now can help you ensure your family is
taken care of in the future. Here are a few tips:

      If you don’t have Wills, now is the time for each of you to put one in
       place. This allows you to provide for each other in the way that you
       think is best, instead of subjecting your estate to the rules imposed by
       state law.
      Take a look at the property each of you owns. It’s important for you to
       know exactly what you own, and how your property is titled. For
       example, property that is co-owned as Joint Tenants With Right of
       Survivorship is not affected by your Will because it is not subject to
       probate. Instead, when one owner passes away, the property
       automatically passes to the surviving owner.
      Review your beneficiary designations. You’ll want to double-check your
       retirement accounts, life insurance policies and other assets for which
       you’ve designated a beneficiary. Is the current beneficiary still the
       person you want the asset to go to? If not, now is the time to make a
       change. Assets for whom you’ve designated a beneficiary are not
       subject to probate, so your Will does not control who receives them.
      If you don’t have an incapacity plan, you’ll want to put one in place.
       Your incapacity plan is a group of documents that control who will make
       medical and financial decisions on your behalf in the event that you’re ill
       or severely injured and can’t take care of yourself. Without it, your
       spouse may need to go to court in order to get the right to take care of
       you and your finances in the event that you become incapacitated.
Your estate planning attorney can help you review your assets, make an
assessment of your planning goals and needs, and put together a plan that’s
tailored to you and your spouse.

Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A.
offers estate planning and business planning resources to residents of Port St.
Lucie FL. To learn more about these free resources, please visit
www.kulaslaw.com/ today.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:1
posted:7/7/2011
language:English
pages:2
Description: Marriage marks a huge milestone, and it involves countless adjustments in many areas of your life.