5 Essential Estate Planning Tips For Newly Married Couples

5 Essential Estate Planning Tips For Newly Married Couples

Estate planning is something a couple must focus on right after they get married. If you and your spouse find it complex to understand your legal responsibilities, you can hire an estate planning attorney monroe nc who will help you with all your legal and financial matters.

What is estate planning?

  • Estate planning is a preparation of tasks to manage someone’s property.
  • This planning includes the inheritance of assets to heirs and the settlement of estate-related taxes.
  • An appropriate estate planning attorney will help you in determining, managing, and preserving your assets.

As a newly married couple, estate planning can sound a bit confusing. However, the following tips can surely help you.

Tips for estate planning:

  • Analyze your insurance – As a newly married couple, you need to have a life insurance policy, and it will also be beneficial if you buy insurance at an early age. Both you and your spouse will now be contributing to all the finances of the house, and later on, if something happens to one of you, the other might suffer from financial crises. Therefore having an insurance policy will be extremely helpful.
  • Plan wills – Drafting wills is considered an essential part of financial planning for any newlyweds. If you already have previous wills, you must update and make any changes if required. Drafting wills is not a complicated or time-consuming process. With the right real estate attorney by your side, all your work will be done effortlessly.
  • Prepare health care plans – Along with drafting wills, it is also necessary that you prepare healthcare plans. You must also consider who will identify as a backup if they cannot help each other. It would help if you also had a conversation about your future health goals. 
  • Update beneficiary designations – Each spouse must review their financial accounts. This must also include your brokerage accounts, and make sure you update all the beneficiaries if needed. Your real estate attorney will walk you through this plan along with your estate plan.
  • Ownership of previous estates – If you or your spouse owned a house or any other estate before marriage, you should consider whether you want that property to be jointly owned or kept separate after marriage.  It can also happen that you are planning to live in a house owned by one of you, and you will now want it to be owned by both of you. In the future years, this will help the surviving spouse to inherit the property quickly. 

Initiating estate plans early can be a perfect start for healthy financial habits in the future years.