Happily Ever After Begins: An Estate Planning Checklist for Newlyweds

Hello, lovebirds! Congratulations on your recent nuptials, the start of a beautiful journey together. While you're likely still basking in the glow of your wedding day, it's essential to channel some of that post-wedding bliss into practical matters like estate planning. Yes, we know it might not sound as glamorous as wedding planning, but it's a crucial step to secure your financial future and protect each other and your loved ones.

A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other are not automatically documented when you say “I do.”  

Here's a checklist of what you should do after the wedding to make sure your happily ever after stays just that way.

1. Update Beneficiary Designations:

Review and update the beneficiaries on your life insurance policies, retirement accounts, and any other accounts that have beneficiary designations. Make sure your spouse is listed as the primary beneficiary to ensure they receive the assets in case of your passing.

2. Create or Update Wills and Trusts:

Consider creating or updating your wills and trusts to reflect your new marital status and any changes in your financial situation. A will allows you to specify how your assets should be distributed, while trusts offer additional flexibility and can help avoid probate.

3. Designate Powers of Attorney:

Appoint each other as powers of attorney for financial and healthcare decisions. This ensures that you can make important decisions on behalf of your spouse if they become incapacitated.

4. Draft a Living Will:

A living will outlines your preferences for medical treatment and end-of-life care. Discuss your healthcare wishes with each other and put them in writing to provide guidance to your healthcare providers in case of a medical crisis.

5. Inventory Your Assets and Debts:

Create a comprehensive list of your assets, including bank accounts, real estate, investments, and personal property. Also, document any outstanding debts. This information will be invaluable for your estate plan and for your spouse if something were to happen to you.

6. Discuss Your Financial Goals:

Sit down and have an open and honest conversation about your financial goals and priorities as a couple. This will help you align your estate plan with your shared vision for the future.

7. Consider Life Insurance:

Evaluate whether you need life insurance to provide financial support for your spouse or dependents in the event of your untimely passing. Life insurance can offer peace of mind and financial security.

8. Review and Update Important Documents:

Check the accuracy of your documents, such as your driver’s license, social security card, and bank account statements, and ensure that they reflect your new status as a married couple.

9. Emergency Fund:

Start or build upon your emergency fund. Having savings in place can help you navigate unexpected financial challenges and emergencies together.

10. Consult an Estate Planning Attorney:

While it's possible to take some estate planning steps on your own, consulting an experienced estate planning law firm, like Cedar Counsel, can provide valuable guidance and ensure that your plan complies with state laws and meets your specific needs.

Remember, estate planning is not just about wealth distribution; it's about protecting your loved ones and ensuring your wishes are honored. By taking these steps after your wedding, you'll be laying a strong foundation for your future together, and you'll both have peace of mind knowing that you're prepared for whatever life may bring.

Schedule a complimentary consultation with Cedar Counsel today. We’d be honored to serve you.

This article is a service of Cedar Counsel. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.