It is fairly common around this time of year for the final preparations to summer weddings to take place. Indeed, it is important to have guest lists finalized and fees paid for caterers and decorators. The same can be said for ensuring that all the important parties understand what their roles are during the special day.
With all the wedding planning things that take up their time, newlyweds (as well as couples about to be married) usually do not think about estate planning. As such, we offer the following tips.
Get ready to inform your employer – While keeping track of dozens of invitations, it is important to inform your employer of your new marital status. This is important if there is a specified time for insurance holders to update their beneficiary designations, or a requirement to do so.
Consider life insurance – Similarly, a new marriage is an ideal time to consider purchasing life insurance. Instead of relying solely on workplace insurance offerings, which can be very limiting, whole life insurance policies can help in building wealth for the future.
Execute durable powers of attorney and health care directives – Many newlyweds operate under the assumption that they now have the exclusive right to make decisions on behalf of their spouse in the event he or she becomes incapacitated. However, this may not always be the case. Because of this, it is a good idea for you and your new spouse to execute a power of attorney or a health care directive.
If you have additional questions about estate planning tips for newlyweds, an experienced attorney can help.