When you are planning to get married, there are many fun events to plan, such as bridal showers, the wedding, and your honeymoon. This alone can feel overwhelming. However, it is equally important to build a new life together that is financially stable, and that provides the protections that you need if one of you becomes seriously injured or dies.
Five Tips for Estate Planning If You Are Recently Married
Estate planning is one way that you can protect your future when you are married. Here are five essential tips that you can use to have peace of mind if the unexpected occurs:
- Insurance. There are several types of insurance that you may want to review and change. The first is being certain that you have sufficient life insurance, especially if you are planning to start a family soon. Some people have life insurance through their employment, and you want to review if your policies give you enough protection. For car insurance, you may be able to obtain a discount if you purchase an automobile insurance policy together for all your vehicles instead as a single person. In addition, you want to be certain that any expensive engagement or wedding rings are covered under a homeowner’s or renter’s insurance policy.
- Will. Many newlyweds do not have a will. Whether you have one or not, you should have a new will drafted to include your spouse. In addition, you can appoint an executor to carry out your wishes in your will and to provide for the care of your children, such as appointing a guardian.
- Powers of attorney and living will. When you have your wills drafted, you should also have a power of attorney and living will prepared as well. A power of attorney will enable the person that you appoint to handle your financial affairs if you are unable to do so, and a living will gives someone the ability to make medical decisions for you in this situation. You most likely will appoint your spouse to make these decisions, but you also need to appoint an alternate in case you cannot do that for each other.
- Beneficiaries. You want to review and change the beneficiaries on any life insurance policies, bank accounts, retirement accounts, investment accounts, and any other investment accounts that you own when necessary. By making beneficiary designations, these assets can pass directly to your spouse or other beneficiary upon your death.
- Real estate. If either of you purchased real estate before your marriage, you want to consider whether you want to own it jointly. If so, you will need to have a new deed drafted.
Are you a newlywed? Our experienced estate planning attorneys are here to help you with your estate planning. Call our Norfolk office today to schedule your free consultation.