It’s that time of year again – for romantic dinners, chocolate hearts, writing cards and sending flowers. Some folks may just be hoping to get a date on the 14th; but for others, love is already in the air. Valentine’s Day is the second most popular day to become engaged, with nearly ten percent of all marriage proposals happening in February. Only December can boast more. While this is a joyous time for everyone, it’s no time to lose your heads. It’s a perfect opportunity for you and your new fiance to plan your new future – for richer or for poorer, in sickness and in health.  

Why Newly Engaged Couples Need to Plan Their Estates

Why should new couples care about estate planning?  Because everyone – young or old, married or single – needs to protect themselves and those they love.

Unfortunately, many couples spend more time planning their honeymoon than they do planning the best way to protect each other.   

What Happens Without an Estate Plan?

This fallout of becoming incapacitated or dying without an estate plan can be serious, expensive, and painful.  In some cases, it can even cause financial ruin and family discord, lasting for generations.  

Without an estate plan:  

• • Your spouse and the rest of your family is left in the dark – they won’t know what you would want to happen if you became incapacitated or died, or who should make critical decisions.  This can lead to family fights as each individual champions for what she thinks you would have wanted.

• • You’ll leave a huge burden on your loved ones to make tough decisions about medical heroics and the withdrawal of life support.

• • The court or state law, not you, will decide who makes health care decisions if you are unable to make those decisions yourself.   

• • A judge, not you, will decide who raises your children if both parents are unable to do so.  With appropriate legal documents, you (and your children’s other parent) can choose who should raise your children if something happens to both of you.

• • Your children could receive their entire inheritance at 18 years old.  Often 18 year olds are unprepared for having unlimited access to money or property, causing it to be wasted.  With proper legal planning, you can have your insurance policies and other assets go into a trust so that you can decide when your children receive those assets.  

• • The court can lock down your assets so even your spouse has to get court permission before making a financial move.  By having your assets in a revocable trust, this court lock down can be avoided.  

• • Assets you leave to loved ones have the potential to be lost to divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.  With proper planning, assets given to your loved ones can be protected.

• You may accidentally disinherit people who you want to inherit from you.    Planning allows you to decide where your assets will go upon your death.  
• Your pets may not go to the person you choose or, worse yet, may be taken to a shelter because money has not been set aside to care for them.

What Should You Do?

We invite you and your spouse to telephone our office to set up a meeting.  We’ll walk you through how to protect each other and those you love; how to protect your beloved pets; and how to protect your assets and make things easier for you and your families.

Love is in the air! Show those you love how much you really care by taking the steps to protect them. Call us today.