Here Comes The Will – Newlywed Estate Planning Guide

Congratulations!  Now that you have said your vows and “I do”, it’s time to dive in and plan your future together.   Unlike planning a wedding, putting an Estate Plan into place is a piece of cake when you work with Stewart Law.  For newlyweds, establishing a solid plan for the future is not only prudent, but also an expression of love and commitment to each other’s well-being.

Estate planning is the process of arranging for the management and disposal of your assets, while you are in good health and in the event of death or incapacitation. While it may seem daunting, especially in the early days of marriage, it’s a crucial step to ensure that both partners are protected and that their wishes are honored. Below are some key considerations for newlyweds embarking on the journey of estate planning:

1. Understanding Your Assets: Take inventory of your assets, including bank accounts, investments, real estate, retirement accounts, life insurance policies, and valuable personal property. Knowing what you own is the first step in determining how it should be managed and distributed in the future.
2. Wills and Trusts: Drafting a Will is essential for specifying how you want your assets to be distributed after your death. This becomes especially important if you have specific wishes, such as providing for children from previous relationships or supporting charitable causes.  Also, the default laws that apply to those decedents who do not have a Will often lead to very different results than we see our clients actively choose. Additionally, establishing trusts can offer more control over how assets are managed and distributed, providing protection for you and your beneficiaries, especially in blended family situations.  Keep in mind, a trust may not be for everyone and we are happy to discuss which option best suits your needs and accomplishes your goals.
3. Beneficiary Designations: Review and update beneficiary designations on life insurance policies, retirement accounts, and other accounts as needed. Marriage often triggers changes in beneficiaries, and it’s crucial to ensure that your loved ones are designated correctly.
4. Power of Attorney: Assigning powers of attorney allows you to designate someone to make financial and healthcare decisions on your behalf in the event of incapacity. This ensures that your wishes are followed and that your spouse can act on your behalf if necessary.
5. Healthcare Directives: Establishing advance healthcare directives, such as a living will and healthcare power of attorney, outlines your preferences for medical treatment and appoints someone to make healthcare decisions for you if you are unable to do so.

Discussing estate planning may not be the most romantic topic, but it’s essential for newlyweds to have open and honest conversations about their wishes, concerns, and expectations for the future. Clear communication can help avoid misunderstandings and ensure that both partners are on the same page.  Estate planning is not only about distributing assets but also about protecting your legacy and ensuring that your loved ones are cared for according to your wishes. By taking proactive steps now, you can provide peace of mind and security for yourself and your spouse as you embark on this new chapter together.

About the Author

Summer L. Stock
Paralegal