The Best Wedding Present is Proper Estate Planning

When we say, “I do” they rarely think about the implications of “For better or worse, in sickness and in health”. We should, especially when you get married during a pandemic.

We had only been married a little over a month when my husband came home not feeling well. A few days later he tested positive for COVID and less than a week after that, he was in the ICU.

He remained there for 12 days before coming home.

I realized that he had to check accounts I had no access to. Are those paying things I need to know about?

It made me realize how vulnerable we all are and how important it is to make sure you know how to access your spouse’s accounts, know their doctors, other professionals, and have paperwork in order in the event you must make financial or medical decisions for them.

These include:

  • Advanced Directive
  • Health care proxies
  • Living Will
  • Power of Attorney
    • Your Power Of Attorney (POA) has power over everything involving your finances. This includes paying bills, managing bank accounts, overseeing investments, signing contracts, and filing your taxes.
  • Will
    • Have young kids? Name a guardian
    • Spell out who gets your possessions
    • Name an executor
  • A list of beneficiaries on all accounts
  • Did you remember to change the life insurance when you tied the knot?
  • What about pensions, investment accounts, trusts, property titles, etc.

If you are anything like me, you are used to running a household by yourself. What if something happens to you?

Does your new partner know the passwords to pay the utility bill?

Can they access your employer’s benefits website?

I know, you just got married, you have plenty of time to get it taken care of estate plans and the like.

Unless you got married during a pandemic.

Now, I wait for my test results to see if I have COVID and going through the list of things I need to do, just in case.