5 Estate Planning Tips for Newlyweds
Getting married is a wonderful, whirlwind time for so many. You and your new spouse likely have quite a bit already on your “to-do” list. However, many newlyweds may forget to address some of the more important implications of their recent union. Even though your lives together have just begun, now is the time to plan and prepare for the future. That includes getting in place a solid estate plan. Estate planning can feel like an overwhelming and intimidating task, but it doesn’t have to be. We can help you break it down. This Top 5 list is designed to help you and your new spouse start thinking about the big picture of estate planning:
- Talk it out. You have a new partner in life. Starting this phase of your relationship with open, honest conversations about estate planning strategies, goals, and concerns is absolutely critical. It’s imperative that you two be on the same page and aligned in mission and vision. These conversations will ultimately ease your mind and allow you to focus on your lives ahead.
- Seek out an experienced estate planning attorney. We’ll put this bluntly: Estate planning law is much more layered and nuanced than many people think. Getting it right is crucial, because getting it wrong could have irreversible repercussions. The team at KLG Estate Planning & Probate Attorneys know how to help you lay out a solid plan. Involving an expert in your estate planning strategy and execution will have a huge impact on your estate plan’s overall strength.
- Find and compile all your essential documents. This is a long list which should include all financial documents, retirement information, government IDs, birth and marriage certificates, deeds, vehicle titles, information about personal assets of value, current wills, trust information, and any other critical documents. Organize them well, and store them in a safe location.
- Carefully review your insurance policies and consider supplementing, if necessary. This includes health, home, automobile, and life insurance policies. If you and your partner don’t currently have life insurance policies in place, now is a good time to consider reviewing your options and choosing appropriate coverage. None of us want to think about worst-case scenarios, but being prepared for them can go a long way in removing any inherent worry. Also, consider merging policies that were once separate (like automobile insurance). Realizing those savings can help young couples grow their estate. You also want to revisit your homeowner’s policy if you’ve just moved in under the same roof to ensure your valuable personal assets are covered (like your beautiful new rings!)
- Work with your estate attorney to prepare or revise necessary documents. You know you likely need a new or updated will, but don’t forget about trusts, beneficiary designations, powers of attorney, and health care directives. These are all critical elements that should be part of a comprehensive estate plan designed to help you and your new spouse navigate life together.
This Top 5 list is just the tip of the iceberg. Remember, proper estate planning takes preparation, expertise, and a whole lot of forethought. Working with a skilled estate planning attorney will help you and your life partner plan for the future and prepare for what lies ahead. Our aim at KLG Estate Planning & Probate Attorneys is to help you and your loved ones through the entire estate planning process. We’re here for anything you’ll need along the way.