In honor of any upcoming June weddings, I’d love to share my estate planning checklists for newlyweds.
Love is in the air, and so are your estate planning questions! Many brides have a to-do list a mile long; but I bet they haven’t thought of an Estate Plan Checklist to go with their caterer, bridesmaids, thank-you notes and honeymoon. Do you have a Last Will and Testament? Time to add your spouse as a beneficiary. Also, setting up a trust is like building a cozy nest egg for your loved ones.
Retirement accounts and life insurance policies might not feel romantic, but they’re love letters to your future. Make sure to update them to include your new spouse as a beneficiary.
Here are some essentials!
A. Durable Power of Attorney My number one suggestion is to update your Durable Financial Power of Attorney to include your spouse.
A Durable Power of Attorney (“POA” for short) enables your trusted loved ones (called “Agents”) to access and manage finances, investments, insurance policies and anything else that needs a signature. It is useful in many other settings. 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 guardian by the court for your own partner.
B. Health Care Surrogate Designation Are you traveling for your honeymoon? 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. The doctor will be able to talk with you and you’ll be able to make decisions on what type of treatment should be provided.
C. HIPAA Release Many folks believe that you have an automatic right to know your spouse’s medical condition, even in case of a stroke, heart attack or another life-threatening emergency.
The Federal Law that controls our private medical information is called “HIPAA.” While you want your medical information protected, you may have a disaster on your hands if your spouse is unable to communicate their medical needs. That’s because in this situation, “protecting” your spouse’s privacy is blocking their doctor from sharing information with you.
D. Checklists and Extras As an Estate Planning Attorney, I have developed a list of some extra pieces of information for my clients to organize. Here are some that you should have on hand:
Provide your spouse with a digital asset, email, and password list in case of an emergency.
Create a “Home Maintenance” checklist. Do you pay maintenance for your HOA or Condo Association? Who is your go-to handy-man, plumber, or Landscaper? Do you have a gate-code? My office has a three-page checklist of things you never considered to write-down before.
If you own your home, you may want to add your new spouse to the deed.
Create a list of bank and investment accounts. Some accounts you may want to create jointly while others may remain separate.
I also like to create “Dear Family” letters expressing your final wishes.
My list of “Extras” continues to grow as I am sure your lives are growing. Congratulations!
Andrea L. Jakob, PA is located at 12401 Orange Drive, Suite 219 in Davie.
They can be reached at 954-862-1479 or on the at www.jakoblegal.com.
