The establishment of marriage is all about joining two lives. For many couples, this includes bank accounts, taxes, and homes. But one very important aspect that many newlyweds don’t even consider is the creation of an estate plan.
While you may believe that estate plans are for those who are of older age, an estate plan is extremely important no matter one’s age, sex, or socioeconomic status. It is never too early to establish a comprehensive plan that can be built and rebuilt over time. This is because the true purpose of the estate plan is to honor and protect the interests of the estate owner – in this case, you and your new spouse. As your lives and your assets change over time so can your plan.
Although an estate plan may seem overwhelming to think about, there are important aspects to think about that can help to reduce the anxiety often associated with its creation. Here are 6 things about estate planning that every newlywed couple should consider.
6 Estate Planning Tips Newlyweds Should Consider
1. Review Your Previous Estate Planning Documents
Prior to your marriage, you may have established a will or a trust. It is extremely important to determine if you wish to keep them as is or to change anything as part of your estate plan as a couple.
2. Change Your Last Name Anywhere it Matters
Often times, one individual in the couple will choose to take the other’s last name. If this is something that you have chosen to do, it is important that you also change your last name on all of your existing property titles, legal documentation, and accounts to ensure that no mistakes are made.
3. Consider a Joint Bank Account
When a spouse passes away, it is an extremely emotionally taxing time. The last thing that you want is to have to deal with unnecessary financial matters. The establishment of a joint account can make matters easier.
4. Purchase Life Insurance
After they pass, life insurance can prove very helpful for one’s family. It can provide them with the financial means to get through such a trying time. But it is key to note that life insurance isn’t just for those middle-aged and older. Since it is actually cheaper for those who are young and healthy, it is best to obtain it sooner to lock in a lower premium.
5. Establish an Advance Directive
The act of marriage is one in which both parties are committed to in sickness and in health. It is during sickness that it greatly benefits both individuals to have an advance directive for health care. This enables your partner to have the legal power of attorney in order to make important medical decisions on your behalf in the event that you are unable to do so.
6. Decipher Your Property
We all go into a marriage with our own property. Any property that was acquired prior to the marriage is separate property. That’s why it is important to decide which property you had before getting married that you wish to remain separate and which property you would like to join.
Planning for the health and safety of your spouse – and your family – can make all the difference during some extremely trying times.
Reilly Law PLC Helps Newlyweds in Virginia Who Are Interested in the Creation of an Estate Plan
At Reilly Law PLC, we understand the importance of protecting what should be yours. We will help you to create an estate plan that keeps you protected and meets your needs and those of your spouse. To learn more or to schedule a free consultation, contact us today!