6 Things Every Newlywed Couple Should Consider in an Estate Plan
- Posted on: Jan 20 2020
Marriage is a joining of two lives. From bank accounts to taxes, couples begin to combine their assets and benefits. But while most newlyweds think of many of these issues, few give thought to the creation of an estate plan.
Contrary to popular belief, estate plans are not only for the rich or aged. In fact, it is never too soon to create an estate plan. Even though estate plans are often associated with one’s death, their true purpose is to protect you and your spouse in the event of certain happenings. Additionally, as things change, you always have the option to revise your plan.
While there are many different options for estate plans, we can help to reduce any overwhelming feelings by sharing the six things every newlywed couple should consider in an estate plan.
6 Things All Newlyweds Should Consider in an Estate Plan
1. Review Any Existing Estate Planning Documents
Before proceeding it is wise to review any wills or trusts that you had created prior to the marriage. This will allow you to decide whether or not you wish to change their contents or to keep them the same and add them as part of your estate plan as a couple.
2. If Your Last Name Changes, Change Your Existing Documents
Many individuals make the decision to take their spouse’s last name. If you choose to do so, be sure that you also update your new last name on all of your existing legal documentation, such as property titles and accounts.
3. Consider a Joint Bank Account
Dealing with the death of a loved one can be overwhelming as it is, but when you have to figure out the financial impact of things it can be easier to do if you share a joint bank account.
4. Don’t Wait to Get Life Insurance
Since life insurance policies are often determined based on health and age, it is cheaper to obtain it when you are young and healthy.
5. Establish an Advance Directive for Health Care
An advance directive for health care gives your partner the power of attorney to make important medical decisions in the event that you are unable to do so. This is often really important, as they usually know your wishes more than anyone else.
6. Decide Which Property to Keep Separate
Property that you obtained prior to your marriage is considered separate property, while property obtained during the marriage is considered marital. It is important to determine which property that you had prior to your marriage that you wish to keep separate and which you wish to join with your spouse.
When we get married, we do so in sickness and in health. Although estate planning is not the most romantic thing in the world, taking your spouse’s health, wishes, and protection into consideration is extremely thoughtful. By planning ahead, you can prepare for the times that you need it the most.
The Law Offices of Brian L. Fox, APLC Help Newlyweds to Create an Estate Plan
If you are considering an estate plan, which would be highly recommended, it is helpful to consult with a knowledgeable and experienced Virginia Estate Planning Attorney.
At the Law Offices of Brian L. Fox, APLC, we know how important it is to protect what – and whom – you care about. We will help you to build an estate plan that meets your needs and keeps you and your loved ones protected. To learn more or to schedule a free consultation, contact us today!
Posted in: Estate Planning