Wedding season in the South is almost here. Calendars are filling up with showers, dress fittings, and save-the-dates. It’s a happy time. Amid the cake tastings and guest lists, there’s one more thing worth adding to your list, though. While it isn’t as fun as picking out flowers, it may be one of the kindest things you can do for your spouse.
I’m talking about estate planning.
For many young newlyweds, the thought of estate planning feels unnecessary. Couples believe they don’t have an estate yet. But an estate is simply everything you own. A car. A bank account. A retirement plan. A home. Even wedding gifts. Put it all together, and it adds up fast.
Estate planning isn’t only about money. It’s about who makes choices if you can’t. It’s about who is cared for, and it’s about making sure your wishes are known.
Our state has its own set of rules. Louisiana is a community property state. In most cases, what either of you earns after the wedding belongs to both of you equally. Things you owned before the wedding usually stay separate. So do gifts and inheritances made to just one of you.
In my line of work, I’ve heard some tragic tales of what happens when someone who didn’t think they needed any planning passed away too soon. If someone dies without a will, Louisiana state law decides who gets what. That may not match what you would have chosen. Your spouse might not receive everything. Parents or siblings could get a share. This can lead to stress and hard choices during an already very stressful time.
Fortunately, a few simple things can prevent that stress from happening.
1. Check your beneficiary forms. If you have a job that offers life insurance or a retirement account and you had that job prior to meeting your sweetheart, the funds from those accounts would go to the person named on the form. Many people still have a parent, sibling, or an old partner listed. Take a few minutes to update these.
2. Name someone to handle money. A financial power of attorney lets a trusted person pay bills and manage accounts if you become ill or hurt. Many couples choose each other. But without a power of attorney in place, no one has authority to access your money if you are unable. For couples who don’t share bank accounts or haven’t gotten around to combining finances, this is an important step.
3. Plan for medical choices. A health care power of attorney designates who can make medical decisions for you if you could not make them yourself. A living will documents your wishes about care at the end of life. These are tough topics, but they are a gift to the person who would otherwise have to guess. Lots of young couples don’t have these talks before marriage, but in the event that your spouse has to make a decision on your behalf, it’s better to have them confident in their choice.
4. Write a will. A will is probably the most known document in an estate plan; it says who gets your things. If you don’t have a will, Louisiana law says that the things you owned before marriage will go to your parents and siblings, and only the things you acquire during marriage will go to your spouse (with some exceptions.) Many people want everything to go to their spouse, so a will would be needed to ensure that happens.
5. Talk about your goals. Do you want children someday? Do you own a business? Do you have family members who depend on you? Your answers shape your plan. Some couples also choose to sign a marriage contract. It lets you pick a different way to handle property than the state’s default. It is not a sign of distrust. It is simply a clear choice, made together.
Here’s an idea. After the honeymoon, set aside one evening. Order dinner, talk through these questions, and write down your answers. Then take them to a Louisiana estate planning attorney.
Your plan isn’t set in stone, either. Plan to look at it again when you buy a home, start a new job, or welcome a baby. But know that as life changes, your plan can change with it – and you’ve got some guardrails in place should anything happen to either of you.
Marriage is about building a life together. Estate planning is one way to protect it. You don’t need to have it all figured out. You just need to start.
The information provided is not intended to be legal or tax advice and does not constitute any attorney/client relationship. You should consult with an attorney for individual advice regarding your own situation.
Ms. Melancon is an attorney with Legacy Estate & Elder Law of Louisiana, LLC with offices in Baton Rouge, New Orleans and Lake Charles, LA. The primary focus of her practice is estate planning, probate, special needs planning, and elder law. For more information or to attend an upcoming estate planning seminar, call her office at (225) 744-0027
