Tampa Estate Planning Tips For Newly Engaged Couples
The holidays are one of the most common times of year for couples to get engaged. If you and your partner recently tied the knot, the months ahead are likely to be filled with wedding plans and other tasks required to create a new life together. Amidst your busy schedule, make time for estate planning. Our Tampa estate planning attorney explains why it is important and common types of documents you may need.
Why Engaged Couples Need An Estate Plan In Tampa
Making the decision to get engaged represents a major milestone in your life. The coming months are likely to be a busy time with numerous important issues that need to be addressed. Making plans for your wedding and deciding where you will live are undoubtedly top considerations. However, it is important to make time for estate planning, as it provides some important protections.
Under the Florida Statutes, spouses have certain rights when it comes to property, assets, and in making certain decisions that impact both you and your partner. Unfortunately, these laws do not apply during your engagement or up until the time you are legally wed. Creating an estate plan now, while you are still engaged, offers the following protections:
- Ensures your partner is provided for in the event anything happens to you;
- Grants certain rights when it comes to managing property and assets, including any financial accounts;
- Grants them the authority to make important health care decisions on your behalf in the event you are unable to yourself;
- Specifies your exact wishes in unexpected situations, sparing your partner from having to guess what you would have wanted.
Estate Planning Documents For Engaged Couples
Estate planning in Tampa involves putting certain types of documents in place that convey your wishes and protect the rights of both you and your future spouse. Those newly engaged couples should consider putting in place include the following:
- A will: Your will conveys your final wishes and acts as a guide through Hillsborough County Probate Court proceedings. Even if you already have one, make sure it is updated to include your partner.
- Power of attorney: This gives your partner the authority to make important decisions regarding money and management of your business or other property in emergency situations.
- Advance directives: This conveys your wishes regarding emergency medical care and authorizes your future spouse to make important decisions on your behalf.
Other estate planning tips for engaged couples include reviewing all life insurance policies, changing beneficiary designations, and making bank accounts payable on death. You may also want to consider creating a trust, which can help ensure you and your new spouse are provided for and protected now and in years to come.
Contact Our Tampa Estate Planning Attorney
Strategic Counsel Law Group, L.C. provides trusted legal guidance to engaged couples. We can advise you on the legal documents you need to begin your new life together. To request a consultation with our Tampa estate planning attorney, contact our office today.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0708/0708.html
hillsclerk.com/court-services/probate-guardianship-and-trust
