If you have an estate plan in place and then get married, it is important to revisit this as soon as possible. While this may not be something you want to tackle with your new spouse, it would be in the best interest of both partners.
Depending on your stage of life and personal situation (kids, etc.), you and your spouse may opt against making many changes. That being said, you must still review your overall situation, ensuring that you are both on the same page.
Here are three key details to focus on:
1. Beneficiary. Who is listed as the beneficiary on your life insurance policy? How about your retirement accounts? If you get married, you may want to make a change and name your spouse as the beneficiary across the board.
Tip: you are not required to make this change, but it is something that many people do.
2. Power of attorney. Who would be in charge of your finances and/or medical decisions if you were to become incapacitated? If you have a power of attorney document in place, you may want to change the agent at this time.
3. A closer look at jointly held assets. Before your marriage, you may have accumulated assets on your own. Now that you are married, there may come a point when you begin to accumulate assets, such as a home and bank accounts, as a couple.
What is the plan for these assets upon your death?
Getting Help with Estate Planning in Baraboo, Wisconsin
With so many details to consider, many of which may be going over your head, it is best to meet with an estate planning attorney after tying the knot. This will give you and your spouse the chance to make any necessary changes, while also creating a plan that will benefit the two of you together.
Over the years, we have helped many people with estate planning in Baraboo, Wisconsin. There are a lot of questions to address, but it is better to be safe than sorry. Contact us today and it will not be long before you and your new spouse are feeling better about your estate plan. Go to KH-LAW.net.
- What You Need to Know About SECURE Act 2.0 - March 30, 2023
- Show Your Love by Creating an Estate Plan - March 15, 2023
- What Happens When You Don’t Trust Your Trustee – Part II - March 7, 2023