Estate Planning for Newlyweds: Important Tips
If you’ve recently been married, estate planning may be the last thing on your mind. However, marriage is a major life change, and it’s worth putting some thought into how your new legal and financial relationship will impact your plans for the future.
The following are some quick tips to help you and your new spouse hit the ground running with your estate planning process:
- Check your insurance: First, consider taking out a life insurance plan, if you have not done so already. Getting life insurance while you are still healthy and in a lower age bracket is a good financial move, and it can protect your spouse in the event of your early passing. Take a look at coverage options for auto insurance and health insurance, as well.
- Create a will: This is especially important if you did not already have a will. Even if you did have one, however, you should update it to include your new spouse and consider your joint concerns about passing down assets, financial and healthcare planning and other important aspects of an estate plan.
- Update real estate titles: If either of you owned a house or other property before the marriage, you should update the title to that property if you want it to be jointly owned. In most states, you can do this by executing a deed that places the property into joint tenancy with the right of survivorship. In Florida, we have a unique form of joint ownership between spouses called a tenancy by the entireties that you may want to consider.
- Establish power of attorney and healthcare directives: A power of attorney arrangement provides designated individuals with the ability to make certain financial decisions on your behalf. Healthcare directives, also referred to as healthcare power of attorney, involve similar capabilities, but allow someone you name to medical decisions for you.
If you have recently tied the knot and would like to learn more about how it may impact your estate plan, speak with a skilled wills and trusts lawyer at BaumannKangas Estate Law in Tampa, Florida.