After the rice is thrown and the champagne loses its fizz, it is time to start your married life. Which means, it is time to get an estate plan!
Estate Planning for Married Couples.
When it comes to estate planning, no two family situations are the same. This might be a first marriage for some, and it could be the second (or even third) for others. Some married couples have minor children, others are taking care of elderly parents. Some are financially well off and others are just getting started.
Whatever your situation may be, getting an estate plan in place now is essential. And if you already have an estate plan, big changes like getting married mean that it is time to look over and update your plan.
After the Wedding Be Sure To…
There is a lot to do and plan when you are getting married and often, life goes on hold until after the “big day.” But once you are married, there are still a lot of things you need to do.
So here is a quick checklist of some of the estate planning things you will want to review and update:
- beneficiary designations for benefits such as: life insurance, 401K accounts and other retirement savings and other benefits.
- checking and savings accounts,
- bonds and other assets.
You will also want to review and update any estate planning documents you may already have in place. Or, if you do not have any, get an estate plan now.
Remember, your estate plan includes not only distribution of your property, but important decisions about who will take care of your children if you should die, or how you want to be treated (i.e., do you want to be kept alive artificially) if you become incapacitated. The best way to be certain that your estate plan documents will meet your needs as a married couple is to speak with experienced estate planning counsel.
First Comes Love, Then Comes Marriage…
If you want to put an estate plan together that is customized for your needs, call us. We are experienced trusts and estates attorneys. We offer free consultations. We have offices in Sedona, Arizona and we serve Verde Valley and all of Arizona. Call us at 928-282-1483 or connect with us on Facebook , Twitter or LinkedIn.