Estate Plans: Not Just For Parents

Do you think wills, life insurance, and all that boring stuff are just for moms and dads to plan for their children’s futures?  Think again!  If you are a newlywed, it is time to start thinking about how your estate plan will impact your spouse’s future. 

Are your parents currently listed as the beneficiaries on your 401(k) or life insurance policy?  Do you own your own home?  Who will make financial and health care decisions for you if you are in a car accident?  If you have been recently married, now is good time to think about the possibility of changing the answers to these questions

A recent post from Financial Planning provides an excellent planning checklist for newlywed couples:

  1. Update life insurance and retirement account beneficiaries.
  2. Consider purchasing additional life insurance while rates are low.
  3. Designate beneficiaries of your estate by executing a will, even if you signed a prenup.
  4. Establish powers of attorney for finances and health care and a living will.
  5. Discuss home ownership options.

Planning for your future and the future of your spouse can be stressful, but it is a vital part of the transition to marriage.  Consider planning just another expression of your love for your new spouse.