Estate Planning Tips for Newlyweds

If you have recently gotten married, you have come to the right place! In this two-part series, our estate lawyer in Cary NC is going to discuss the estate planning process for newlyweds. Whether you tied the knot recently or have been married for several months, if you have not worked on an estate plan with your spouse, these posts will help you get your affairs in order.

Tips for Newlyweds | Estate Lawyer in Cary NC

Getting married is a big step, but after the excitement of the wedding and the honeymoon, there are some legal matters you should take care of in order to protect your new status as a couple. Let’s take a look at them:

Create or update your will

If you, or your spouse, have a will, it will need to be updated to reflect this major life change. If you don’t have one, now’s the time to create a will that covers both you and your spouse. Even if you do not own many things, you should have a say in how your assets are distributed. Without a will, your state’s laws will determine how your assets are passed on. If you have children from a previous marriage, or other beneficiaries you want to provide for, outlining these specifications in your will can help prevent issues once you pass away.

You may also want to designate who inherits assets should something happen to both of you. If you have surviving parents, siblings or other family members that you want to name, doing so can prevent problems later on. Many states follow an intestate succession that distributes assets according to their guidelines if the decedent did not have a will.

Get life insurance

Do you have a policy? If so, make sure that your spouse is named as the beneficiary if you want them to receive benefits should you pass away. If you do not have a policy, you should consider getting one in order to protect your spouse should something happen to you. If you take on higher expenses as a couple, that one of you could not manage alone, this can help protect the surviving spouse should something happen. It is also important to have a policy in place if you have children, either with your current spouse or a former partner.

You can also check into combining your car insurance in order to save money on the policy. You can also consider getting insurance on any large purchases you may have made, such as your wedding rings.

Update your policies

Once you’ve taken care of your life insurance, don’t forget to update your other policies as well. These include retirement accounts such as 401ks, IRAs or other investment accounts. Even if you designate that your spouse gets all your assets upon your death, the name on these policies will override what your will says.

Klish and Eldreth | Estate Lawyer in Cary NC

If you need help with any of these matters, make an appointment with our estate lawyer in Cary NC at Klish and Eldreth. We have experience helping newlyweds plan their estates. Check back for the second part in this series to learn more tips for planning your estate as a newlywed.

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