Estate Planning For Newly Engaged Couples

The holidays are a magical time of year and the period between Thanksgiving and New Year’s Day is one of the most common for couples to get engaged. If wedding planning is in your future, put creating a Florida estate plan at the top of your list. Our Tampa estate planning lawyer explains what is needed and why it is important.

The Importance Of Making An Estate Plan For Engaged Couples

Getting engaged means you have decided to enter into a legal union with your spouse. As such, this carries certain rights and responsibilities. However, these generally only go into full effect after you say I do.

Creating an estate plan together in Tampa soon after a marriage proposal helps to protect you and your future spouse, now and for years to come. Documents needed include:

A Last Will And Testament

A will is one of the most important estate planning documents. It protects you and your spouse in the event anything happens to the other, conveying your wishes and ensuring they inherit from your estate.

Under the Florida Statutes, married couples are automatically entitled to inherit from each other. However, this does not apply during your engagement. Even after you say ‘I do’, a will helps to ensure your spouse is provided for and prevents disputes in the Hillsborough County Probate Court.

Powers of Attorney

A power of attorney authorizes someone you trust to handle important personal, financial, and business matters in the event an accident or illness leaves you incapacitated and unable to handle these matters on your own.

Spouses generally have a limited say, but powers of attorney are preferred in most cases, particularly when you own a business or have significant property holdings, and protect you throughout your engagement.

Advance Directives

If a medical emergency happens to your spouse prior to getting married, you have no legal say regarding their treatment or care. Putting health care powers of attorney in place helps prevent this and ensures both your wishes are followed.

A living will helps clarify the type of life-sustaining treatments you want, preventing your spouse from having to make painful decisions or deal with disagreements among other family members. Once you are married, you and your spouse are likely to spend considerable amounts of time together. Advance directives also protect you in the event you both are involved in an accident or other medical emergency together.

A Trust

A trust allows you to set aside certain property or assets, essentially transferring ownership for legal purposes while still retaining use. This can play an important role in long-term care planning, while also protecting you from liability or creditor claims.

Request A Consultation With Our Tampa Estate Planning Lawyer Today

As an engaged couple, put estate planning at the top of your to-do list. Bubley & Bubley, P.A. provides the trusted legal guidance you need throughout the process. To request a consultation with our Tampa estate planning lawyer, call or contact us online today.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/Sections/0732.502.html

hillsclerk.com/court-services/probate-guardianship-and-trust