Getting married is a special time in your life; you may have a beautiful wedding, a fun reception (with a delicious cake and special gifts), and a romantic honeymoon. While estate planning might seem an odd choice, but it is also the right time for you and your new spouse to plan for your future—for richer or for poorer, in sickness and in health.

Why Married Couples Need to Plan Their Estates

Why should you and your new spouse care about estate planning? Because everyone—young or old, married or single—deserves the peace of mind that comes from protecting themselves and their loved ones against life’s unexpected challenges. It is definitely more fun to plan a honeymoon, which is why most couples spend time on this. However, providing each other peace of mind through estate planning should not be forgotten.

Why Think About Estate Planning at This Point?

Even if you do not have a great deal of money or own many valuables, you may have more than you think. Regardless of what you currently own, putting together a will or a trust can be straightforward at this point since you are likely very aware of what you own and how you own it.

There is a common myth in Texas that your spouse inherits everything of yours, should you pass without a will. Unfortunately, this might not be true —or at least might not be the full story. The laws in Texas addressing intestacy distribution — meaning passing away without a will — sometimes have unexpected results that surprise most surviving spouses.  A comprehensive estate plan can give you the peace of mind that comes from knowing that your loved ones are taken care of if anything happens to you.

Although you have just embarked on a new chapter in your life by getting married and more changes may be coming, creating an estate plan now is still important. Once you have an initial plan in place, you can easily update it as your circumstances and needs change.

What Happens To Married Couples Without an Estate Plan?

Without an estate plan, if you become unable to manage your affairs due to illness or injury or you pass away, your new spouse could face unnecessary challenges and costs in administering your estate during an already difficult time. Estate planning is a powerful way to protect them from heartache and difficulty and make their journey forward easier.

Changing Circumstances – Incapacity

If you are alive but can no longer manage your own affairs (in other words, you become incapacitated) and do not have an estate plan:

• You will leave your spouse and the rest of your family in the dark. They will not know whom you would like to make decisions for you or how you would like your property and accounts (your assets) to be managed during your incapacity. This situation can lead to family conflict and damaged relationships as your loved ones each champion what they think you would have wanted regardless of whether they are correct.
• Your loved ones will face the burden of making tough decisions about what you would want for medical interventions, life-sustaining care, and the withdrawal of life support.
• The court and state law, not you, will decide who makes healthcare decisions for you if you are unable to make or communicate those decisions yourself.
• If you are your minor children’s only legal parent and you cannot take care of them because of your incapacity, a judge, not you, will decide who will take your place.
• In certain circumstances, the court may lock down access to your money and property so that even your spouse must get court permission before making financial moves or necessary expenditures.

Intestacy and Your Loved Ones

If you pass away without an estate plan:

• Again, you will leave your spouse and loved ones in the dark—this time regarding whom you would want to wind down your affairs and whom you would like to inherit your assets.
• If you have not prepared documents nominating a guardian for your minor children and you are their only legal parent, the court will be left to appoint a legal guardian based on state law and what the court deems is in the best interests of the child with no input from you.
• Assets that your loved ones receive at your death may be exposed to divorcing spouses, bankruptcy creditors, medical crisis creditors, predators, and frivolous lawsuits.
• Depending on state law, your spouse, children, and other family members may all be entitled to share in receiving your assets.
• Your beloved pet could end up in a shelter if alternate arrangements cannot be made for their care.

What Should You Do?

We invite you and your new spouse to call our office to set up a meeting. We will walk you through how to protect each other, those you love, your beloved pets, and your hard-earned money and property so that things are easier for you and your families. Nielsen Law PLLC provides family-focused estate and business planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area. For more information, and to learn about our firm, please contact us. We look forward to working with you.