Once your wedding comes to an end and you arrive home from your honeymoon, it is time to move forward with your married life. As exciting as this may be, you must realize that now is the time to plan for the future. This means creating an estate plan that both parties are comfortable with.
While many people know exactly what they are doing, some have no clue as to where they should start. If this sounds familiar, it is important to understand some of the many mistakes others have made before you.
Here are some of the most common estate planning mistakes after getting married:
- Forgetting to change beneficiary designations. Who is named the beneficiary on your life insurance policy? How about your retirement account? While you don’t have to make your new spouse your beneficiary, it is something that most people do.
- Neglecting to consider any children from a past relationship. Just because you got married does not mean you can forget about any children you already have. Make sure they remain protected, such as by creating a living trust.
- Failing to understand what will happen to your property in the event of a divorce. Nobody wants to think about this after being married, but thousands of people go through the divorce process every year. You hope this doesn’t happen to you, but it is important to be realistic. Are you going to comingle all your funds and assets, even those that you brought into the marriage?
Estate planning is one of the most important financial decisions you will ever make. If you are recently married and have yet to take on this process, don’t delay any longer. You will feel much better about the future once you have a complete estate plan in place.
If you are unsure of what to do next, don’t hesitate to contact us for professional assistance.