If you were recently married, estate planning is probably the last thing on your mind. You are still reeling from the bliss of linking up your life with your chosen partner and thinking of all the incredible adventures you will share. It is essential not to let this fall by the wayside, however, so after you are done honeymooning and ready to tackle life together, start considering estate planning.
If you are unsure where to begin, we compiled a handful of tips to get you started. Estate planning is for everyone, regardless of how many assets you have or how old either party might be, so schedule an appointment with an estate planning attorney as soon as possible!
Some Tips to Get You Started
All married couples should be wise about protecting their future together. You do not have to be a multimillionaire or a celebrity to justify your need for estate planning.
Consider the following tips as you get started on this process:
- Take a look at life insurance policies: Now that you are married, you should consider reviewing life insurance policies. Generally, workplace life insurance policies provide very limited coverage, so you might want to add supplemental life insurance. For younger couples, additional life insurance is often a good idea to lock in the most competitive premium rates.
- Go over your retirement accounts: If either spouse has a retirement account through an employer, it is likely managed through them. Make sure you visit the human resources department to ensure your beneficiary designations on your retirement account are updated according to your wishes. Doing so can save your spouse a lot of hardship if you die unexpectedly.
- Draft a will: In many cases, people enter into a marriage without a will or estate plan. If you happen to have a will, however, make sure to update it to include your spouse. A will is an important step in financial planning and allows married couples to bond as they work together to make vital decisions for their future. Estate planning should also include children, name guardians, and establish a trust to delay your children’s inheritance until they are of a mature age.
- Re-title your estate: If you or your new spouse owned a home prior to tying the knot, you might want to consider allowing him or her to have rights to the property. Therefore, your spouse can inherit it automatically if you were to pass away.
- Prepare Powers of Attorney: In addition to having a will drafted, you should also include a power of attorney, which will provide the power for your spouse to make both legal and financial decisions if you are incapacitated.
Contact an Estate Planning Attorney for the Advice You Need!
Estate planning might not sound like the most romantic thing in the world to newlyweds, but it is actually one of the most considerate things spouses can do for one another. At Drexler Law, our estate planning attorneys are committed to helping couples plan for their future. We can help you with wills, medical directives, power of attorney, trusts, and more. Do not put off this important step in life.
Contact our law office today at (719) 259-0050 to schedule a case review and learn more about what we can do for you and your future.