What's a POA?

True or False?  If your spouse is in a coma, you can make his/her financial and medical decisions just because you are married.   False.  This is a misconception with not just newlyweds.  A Power of Attorney is a legal document that grants you the legal capacity to make those decisions on behalf of your spouse.  You can find power of attorney documents online or meet with an estate planning attorney and have it drafted for you.  Many attorneys will offer you an initial free consultation and give you more guidance on what the power of attorney is, does, and how it works. 

You should also have a will created.  A will makes sure your wishes on who gets what are carried out after you pass away.  If you don’t have a plan, be sure the state does.  The courts are happy to host a fight amongst your remaining family members to figure out who gets what – more officially referred to as probate.  You may think your family will be civil or you don’t have much for people to fight over, but I’ve watched it break too many families apart because the person that died didn’t have a plan. 

Regardless if you are young or old, newlywed or single, you need to get a will and a power of attorney for healthcare and finance established.  It makes it much easier to make decisions on behalf of your spouse.  And as you become more established, have children, start a business, or accumulate assets, you may have to do more planning than just this down the road.  Estate planning is just another way to keep you in control.