It’s Never Too Early For An Estate Plan

Spring is in the air and that means the season of weddings has begun. Marriage is such an exciting life event and an extensive amount of planning goes into the big day. But are couples – and their parents – ensuring that all matters are being covered? We are not just talking about the flowers, the colors of the bridesmaid dresses, or the flavor of the cake. We are talking about financial and estate planning matters. Is the couple fully aware of the other’s financial position? Is a prenuptial agreement necessary? Is this a second marriage? If so, what implications does that have on future planning? And have prior estate planning documents and beneficiary designations been reviewed and updated?

Many people seek out an estate planning attorney after they have gotten married, and typically when they begin having children. But sometimes it is more important to meet before the big day so that these issues can be raised and addressed before it is too late.

Another important reason to create an estate plan prior to or following marriage is to nominate your fiancé or new spouse as your financial and healthcare representative. Prior to marriage, your significant other does not have any legal authority to make health care decisions for you. And even though you may be married in the eyes of the law following your wedding, your status is not changed in the eyes of financial institutions or healthcare providers. They cannot assume that your spouse is automatically your agent just because you are married. That is why it is crucial to get these documents in place early on or even prior to the marriage.

And why is it important that parents are involved? Not only should they be concerned about their children’s financial well-being, but they should also want to ensure that any inheritance they may leave is left how they anticipated. Have the parents created a trust that that will benefit their child? What happens if a divorce or premature death occurs? Are these funds adequately protected in those circumstances?

Contact us today if you have questions about this topic or if we can assist you with your Estate Planning needs.

Fill out the form below, or call our Stillwater, MN office at 651-439-2878 or Hudson, WI office at 715-386-3733.

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