The summer wedding season is just around the corner. With that, thousands of couples will pledge to share their lives together while entering a new chapter of their lives. Indeed, weddings can come with their own set of set of concerns. After all, couples may worry about how things will come together, whether notorious family members will do or say embarrassing things, and whether they will survive any wedding disasters.
With all these things to worry about, couples may not think much about estate planning. As such, we offer the following tips for newlyweds.
Inform human resources – For newly married individuals, it is important to include their new spouse to their workplace insurance policies. This is especially important if there is no requirement for insurance holders to update their beneficiary designations.
Consider life insurance – At the same time, a new marriage is an ideal time to consider purchasing life insurance. Instead of relying solely on workplace insurance offerings, which can be very limiting, whole life insurance policies can help in building wealth for the future.
Execute durable powers of attorney and health care directives – Many people have the misconception that they automatically have the right to make decisions on behalf of an incapacitated spouse since they are now married. Because this may not always be the case, it is good your new spouse execute a power of attorney or a health care directive.
If you have additional questions about estate planning as you tie the knot, an experienced attorney can advise you.
The preceding is for informational purposes only. It is not legal advice.