As the first week of April comes to a close we are able to get back on track and stop worrying about whether or not another prank is looming around the corner. April Fools’ can be a fun day but let’s be honest, we all know someone who takes their jokes to another level. My favorite this year may very well be the proposal prank. Although for some the joke may be on them since some ladies aren’t too keen on giving that sort of ring back. Whether by free will or if your joke back fired, here are some things to consider if you find yourself heading down the aisle soon:
- Revocable Living Trust – Do you want your new love to receive everything you own? Perhaps you want to limit them only to the 30% elective share they are entitled to by law? No matter what your goals are regarding distribution, a Revocable Living Trust can achieve them.
- Last Will & Testament – Who knows, you may end up happy with your new love and decide to have children. The Last Will and Testament will allow you to appoint guardians to raise your little ones in the event you both are deceased. You may also specify any burial or cremation requests.
- Durable Power of Attorney – No matter if your newly wed to make important financial decisions or not, the choice as to who will actually make these decisions is up to you. The Durable Power of Attorney will allow you designate someone of your choosing.
- Combination Living- Will & Designation of Healthcare Surrogate – Designate the individual of your choosing to make important healthcare decisions on your behalf, in the event you cannot do so yourself.
Don’t be the butt of a good joke – be prepared! There are a variety of life events that create a necessity for estate planning and marriage is definitely one of them. If you experience any life event that affects your relationships or distributions, you will want to have your plan reviewed by an experienced estate planning attorney and possibly updated.
For more information on Estate Planning and Asset Protection, visit our website at www.wfplaw.com or call (954) 944-2855 for your free consultation.
It’s A Wild World. Are You Protected?