If you are newly engaged or married, updating your estate plan is an important part of establishing your new life together with your spouse. Below are a few estate planning considerations for newlyweds:
Beneficiaries: After getting married, you may wish to update your beneficiary designations on retirement accounts, brokerage accounts, and life insurance polices to include your new spouse.
Property Titles: If you own real property or a vehicle prior to your marriage, you may choose to update your title to add your spouse as a joint titleholder.
Wills: You will likely wish to account for your new spouse as a beneficiary in your will. Additionally, if you plan to have children, you can utilize your will to choose a guardian and make a plan for passing assets to your children.
Powers of Attorney: Spouses typically designate each other as primary agents for purposes of making financial and medical decisions in the event of incapacitation.
Show your new spouse some love by planning for the future.