Just Married? Need An Estate Plan?
Congratulations on your nuptials! We hope you had a dreamy honeymoon. Now it’s time to tackle estate planning early and get down to business. Sitting down with your spouse and discussing estate plan updates or intentions will put you both in a position to be prepared for the unexpected.
Here are 3 things to do after you get hitched.
#1 You And Your New Spouse Should Discuss Any
- Trusts or wills
- Investment accounts
- Insurance policies
- Checking/savings accounts
- Military benefits
- Retirement accounts
If you already have an estate plan in place, you can update it by adding your spouse as a new beneficiary or even reassign any accounts after your death.
#2 Now That You’re Married, Consider Conjoining
The Following Accounts:
- Joint Savings/Checking/Credit Cards
- Auto Insurance
- Health Insurance
- Cell Phone Plans
- Additions to Property Titles and Assets
- Other Accounts Such as Amazon Prime and Hulu
#3 Time to Update Your Will
After everything you went through to plan your wedding, putting a Will together should be a cakewalk. If you already have a will, update it to add your significant other. You must take into consideration if you plan to have children, and if so, decide who the guardian should be. You should discuss how you want to spilt any assets should either of you pass. Yes, this may seem like an uncomfortable task, especially after you just tied the knot and are ready to start a new life with your partner. But this should be done, better now than late. Take the time to consider your loved ones and how you would like to provide for them should anything happen to you. It is also important to do so in case of injury or inability to make your own decisions due to medical reasons. This early discussion, and the act of updating your will to reflect your growing family, can ensure your children or parents, or loved ones get a set amount based on your desire. You can also ensure your children are being raised and cared for by the person/s of your choice, rather than a judge making such a crucial decision.
Meeting with an Estate Attorney can give you peace of mind that everything has been done correctly. Most Attorneys can also provide for a much-required notary. You should contact an Estate Planning Attorney for a free consultation on either updating your Will or creating a brand new WIll for the first time. Keep it as simple as possible. After all, you have a new spouse keeping your hands full.
Dana Cannon of Cannon Legal Firm is an expert Estate Planning Attorney. One call and you will have a clear understanding of the process, and she will create a plan customized just for you and your new family. Call (562) 543-4529 or schedule a free consultation online here. Dana comes with 30 years of experience with Estate and Trust Litigation matters.