The autumn wedding season is coming to a close. If you’ve recently been wed, congratulations! This is the beginning of the rest of your life and we couldn’t be happier for you but, now that you’re a couple, your financial situation has changed. Here are five reasons why it’s important to begin to plan your estate now.
- Life Insurance
If you’re like most couples, you are young and have many years of income ahead of you. That being said, if something were to happen to one of you, that could effectively divide your income in half and this often won’t allow you to maintain your cost of living. Life insurance ensures that your new family is financially protected.
- Re-Title Real Estate
If one of you owned property before getting married, you may want to consider titling the property jointly. If you plan on living in this property, you will likely want to. In doing this, the property will be inherited if one of you were to pass.
- Beneficiary Designation
We get it. You just planned an entire wedding and are now enjoying your first days as a couple. If you want to ensure that all financial assets stay with your spouse, you need to designate them as the primary beneficiary.
- Power of Attorney
A good estate plan will include power of attorney and health care directives. Discuss these things with your partner to make sure you both understand each other’s wishes. This is one of of the most important decisions you can make because your health is more important than your wealth.
- A Will
We saved this for last because this is what most people think of when they think ‘estate planning.’ The primary purpose of a will, in conjunction with the other documents listed here, is to dictate how assets are distributed. This is crucial if you have a large family.
This is a goods starting point and a good checklist to bring into our offices with you to get the most out of your first meeting with your attorney.