Getting engaged is an exciting chapter in anyone’s life, but also a busy time for them. Planning a wedding, choosing a venue, selecting the food, creating the guest list, and building a life together with your spouse can all take a ton of time and energy to deal with. While you are working on all of this, you may have overlooked a critical part of your future: your estate plan.
The majority of adults do not have an estate plan in place. As a couple entering marriage, here are four benefits to making an estate plan at this stage of your life:
Putting your spouse first
Marriage is one of the primary causes to update an estate plan. You want to ensure that your spouse is now the primary beneficiary for your retirement accounts, insurance accounts, and any other asset you want them to receive.
Appoint a guardian
Marrying your loved one also impacts any children you have from a previous relationship, and you may want to appoint your new spouse as the legal guardian for them in your absence. Otherwise, you can appoint a guardian for your kids if both you and your spouse should pass on.
Creating an inheritance for your children
A new spouse can also mean their children become an official part of your family as well. When you have new children join your family, a strong estate plan can ensure that they also receive something at your passing.
Name a power of attorney (POA)
When you can no longer act on your own behalf, you want to be sure you have someone you can trust to make serious decisions for you. Appointing a POA can give you peace of mind by knowing that someone you trust has the legal authority to protect you.
Now is the best time to start planning
As a recent newlywed, it can be tempting to kick back and enjoy your new marriage, but be sure to take a moment to ensure that you are protecting your shared future. Create an estate plan that accurately reflects your new life and your future together by talking to an estate planning attorney today.