Marriage marks the beginning of an exciting new chapter, but it also brings shared responsibilities, including planning for the future. Estate planning is a key step in protecting your partner and building a secure foundation for your life together. Here are some essential considerations for newlyweds starting their estate planning journey:
1. Update Beneficiary Designations
Review and update beneficiary information on accounts like retirement plans, life insurance policies, and investment accounts. Ensure your spouse is listed where appropriate to align with your wishes.
2. Create or Update Wills
Drafting a will ensures that your assets are distributed according to your wishes. Without a will, the state decides how to allocate your property, which might not align with your preferences.
3. Consider a Trust
A trust can provide flexibility, privacy, and control over asset distribution, especially if you plan to grow your family or have significant assets.
4. Establish Power of Attorney and Healthcare Directives
Designate your spouse or another trusted individual to make financial and medical decisions on your behalf if you become incapacitated.
5. Assess Insurance Needs
Life and disability insurance are essential for protecting your spouse financially in the event of the unexpected. Ensure your coverage meets your new responsibilities as a married couple.
6. Understand Community vs. Separate Property
In community property states, assets acquired during the marriage are typically shared. Understanding these laws can help you plan accordingly.
7. Plan for the Long Term
If you anticipate having children or supporting aging relatives, factor these considerations into your estate plan early.
8. Seek Professional Guidance
The Davis Schilken, PC team can help you navigate the complexities of estate law and ensure your plan aligns with your goals.
By taking proactive steps toward estate planning, you can protect each other and your shared dreams. Starting this process as newlyweds sets the stage for a secure and prosperous future together. Give our office a call today to schedule a no obligation meeting (303)670-9855. We make estate planning simple.