Nothing Says "I Love You" Like Planning For The Future
If you are a newlywed or recently engaged, updating your estate plan will be 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. Even if you add your spouse as a beneficiary in your will, any previously-designated beneficiary designations made on these types of accounts will trump designations made in your will.
Property Titles: If you owned real property or a vehicle prior to your marriage, you may choose to update your title to add your spouse as a joint titleholder. This can make transfer of title easier and keep these assets out of probate if you pass away before your spouse.
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. It is a good idea to think about who you would trust to make these decisions in the event that something happens to both of you.
Show your new spouse some love by planning for the future!