So, you’re married! You have found the one you wish to have and to hold, you are freshly relaxed from your honeymoon, and now you’re wondering “What’s next?” Schromen Law, LLC would advise that it is the perfect time to set up an appointment to update or create your estate plan. Here is a helpful checklist for newlyweds to begin planning for their future, together.
- Revise beneficiaries
A simple estate planning update newlyweds should first make is sitting down and looking through their insurance policies and retirement accounts to revise their beneficiaries. This can involve designating their new spouse, or having an open conversation and making sure that their current beneficiaries still reflects their wishes.
- Create or update wills
Wills tend to be the most widely known estate planning document, and serve a very important purpose. If the spouses have wills in place prior to their marriage, this step can involve a simple update of their existing wills. Updating or creating wills together as newlyweds can provide the basis for having important conversations such as how they want their assets distributed, or if they have children who they would like to designate as their guardian.
- Prepare powers of attorney
Designating a power of attorney is a very important step for spouses, particularly newlyweds. Unless you have a power of attorney in place, your spouse may not have the ability ability to manage your individual finances in the event you were incapacitated. Having a power of attorney in place can provide peace of mind in knowing that your spouse could act on your behalf if needed, and could save you and your loved ones a lot of time and costs down the road.
- Prepare health care directives
Health care directives are another estate planning document that can nurture important conversations regarding what beliefs or wishes partners have concerning their care or end of life services. Additionally, it is important to nominate one another as health care agents so that they have the ability to make medical decisions on your behalf should you be incapacitated, as well as allowing them access to your medical records.
Going through the estate planning process as newlyweds can provide a jumping board to a thoughtfully prepared outline for your marriage regarding your wishes and desires for your estate. The gift of security that comes with having your estate plan completed can be one of the greatest gifts for your new marriage.
The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Schromen Law, LLC and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.