After tying the knot and settling in with your new spouse, it’s important to learn about and initiate the estate planning process. While you may have plenty of time to plan in the future, you never know what may happen in the interim.
Here are some of the things to keep in mind as you create an estate plan together with your new spouse:
- Beneficiaries: Now that you’re married, you probably want to make sure that your spouse is in line to receive everything in the event of your death.
- Healthcare power of attorney: For example, if you’re incapacitated and unable to make medical decisions on your own, you want your spouse to have the power to do so on your behalf.
- Children: If you already have children together, make sure you name a guardian (or tutor in Louisiana) in your will. This is the person that you believe will best care for them if the two of you pass on before they reach the legal age of 18.
- Life insurance: If you have life insurance or are buying a policy in the future, it’s critical that you name the proper person as your beneficiary. After getting married, this person is probably your spouse.
If you just got married or intend to tie the knot in the near future, take the time to consider the impact of marriage on your estate plan.
It may not be your idea of fun with your new spouse, but it’s important to your future together. Take the time to create an estate plan that works for the both of you.