Newlywed Estate Planning Essentials

Our Associate, Demi Lamas, Esq., attended a Bridal Convention last week and spoke with many new brides.

“I am eager to help everyone protect themselves while they enjoy their lives and families without dealing with any extra stress ….” -Demi Lamas, Esq.

Start your marriage off right by protecting each other for tougher life moments.

When starting a new marriage, there is much to think about: communication, living conditions, holiday plans, financial stability, and the wedding itself. However, something often overlooked by new spouses is the importance of creating an estate plan. It can be hard to think about what would happen if your spouse became ill, incapacitated, or worse, but an estate plan can ease those difficult times. An estate plan typically includes a will or trust, but the most important documents for a new couple are Health Care Directives and Powers of Attorney.

Start your marriage off right by protecting each other in case of tougher life moments

There is lots to think about when starting a new marriage: communication, living conditions, holiday plans, financial stability, and even the wedding itself. Something that gets overlooked by new spouses is the importance of creating an estate plan. It is hard to think about what would happen if your spouse became ill, incapacitated, or worse, but an estate plan can help ease those trying times. An estate plan usually includes a will or trust, but the most important documents for a new couple are Health Care Directives and Powers of Attorney.

Durable Power of Attorney

A Durable Power of Attorney enables your trusted spouse or other loved ones to access and manage finances, investments, insurance policies and anything else that needs a signature. If your car lease, apartment rentals, investments and bank accounts are titled in the name of one spouse, the POA avoids the expensive and drawn-out court process of having to be appointed.

HIPAA Authorization

The HIPAA Privacy Rule creates national standards to protect individuals’ medical records and other personal health information. This means that unless you authorize it, people cannot obtain your medical information. It is important to create a HIPPA Authorization for your spouse and loved ones so they can obtain information about your health and they will be allowed in your hospital room in the case of an emergency.

Health Care Surrogate Designation

Make sure your spouse is your Health Care Surrogate and has a HIPAA authorization. Many people believe that the fact you are married to another gives you the right to speak on their behalf in the event of a health crisis. This is not the case. If you cannot communicate, how do you prove you are the current spouse (rather than ex-spouse). These important documents will ensure that if your spouse is hospitalized, you will not be left out in the dark.