It’s never too early to be considering your estate planning options, even if you’re a newlywed in Tampa. Make no mistake about it, even if you’ve already got a plan in place, a change to your marital status can mean a change to what you’ve already laid out in your estate. What follows are some small pieces of advice for you newlyweds out there, but as always, double check with a Tampa estate planner to make sure you have your bases covered.
First and foremost, make sure that you review your insurance. In the case of life insurance especially, you’ll want to make sure that both spouses are covered in the case of an accident. What this usually means is not only making sure that your spouse is named as beneficiary on the policy, but also that things like income and contributions are recorded accurately. If you don’t currently have life insurance, it might also be a good time to consider purchasing one. Similarly, you’ll want to make sure that both spouses are named on other forms of insurance, like health insurance, homeowners insurance, and even automobile insurance.
If you haven’t yet done so, it might also be time to seek out an estate planner in Tampa, so that you and your spouse can write out a formal will. Some states have laws that say that unless it’s expressly written into your will, your spouse will not have the right to assist in the planning and execution of your will, so make sure that you include that, or at least review your state regulations to make sure that you’re covered. In addition to making sure that your will is up to date, you’ll also want to consider naming guardians for your children, and setting up a trust to make sure that your assets are protected until they are of age.
A commonly overlooked part of planning an estate that you’ll want to be sure to take into account is naming power of attorney and preparing health care directives. While this isn’t necessarily what you want to be thinking about as you’re jetting off to your honeymoon, having a plan in place can help you sleep easier while you’re there.