Marriage is one of the biggest steps that a person can take in their life. Now, they are not just living for themselves, but for another person. However, while you should enjoy that honeymoon, eventually you have to come back down to the real world. Now that you are living for another person, you both need to plan for the future. It is unpleasant to think about, but there is no better time to do estate planning than after you are married.
Need to know where to start? Here’s a checklist with all the essentials.
Review Insurance and Beneficiaries
The unexpected happens, and if that unexpected happens to result in one of you passing away, the other needs to be cared for. Now that you have a new spouse, it is crucial that both of you review life insurance and other shared accounts to make sure your new spouse is the beneficiary for the accounts.
Draft a Will
Marriage is generally when most people decide to draft their first will. However, even if you are going into a marriage with a will already in place, it will need to be updated. While spouse’s have some natural rights if you pass away without a will, they may get less than what they would if you had a will to specifically name them.
Assign Power of Attorney and Healthcare Directives
Alongside a will, you will also want to take the time to assign a power of attorney and a healthcare directive. Both of these forms will decide who gets to make decisions for you or your spouse if you are not able to do so yourself. The power of attorney handles financial matters while healthcare directives allow decisions on medical matters.
While this is the basic matters of estate planning for newlyweds, it is certainly not the only matters you can plan. If you are ready to make the full commitment, contact us today to talk over the estate planning process.