Estate Planning Advice for Newlyweds

If you have recently gotten married, congratulations! You are about to embark on one of the most exciting and challenging journeys of your life: marriage. One of the most important steps in this journey is estate planning. Establishing a will and designating beneficiaries for your assets can help ensure that your family is taken care of if something should happen to you. Estate planning also gives you peace of mind knowing that your wishes will be followed after death—this helps avoid fighting with relatives and loved ones who may want something else from their inheritance than what was originally intended. We'll go over some basic information here about estate planning advice for newlyweds, as well as how to get started.
Get a Will
The most important thing you can do early in your marriage is to get a will in place so that your wishes are clear in the event of your death or incapacity. You should also consider getting a living trust set up at the same time, as that can help make sure that your assets pass smoothly through probate (the court process for settling an estate). If neither of these options seems like something you’re ready for right now, make sure to at least designate someone who will be able to manage things when it comes time for them to step in and handle things after your passing—it could save them from having costly legal fees if they have no idea what they're doing!
Talk Together
When you're newly married, it's a good idea to sit down with your spouse and discuss your financial situation. You both should be on board with how much money you bring into the relationship, how much debt there is, and how large of a nest egg you have saved up.
Talk about the future: what do you want to leave behind for your loved ones? How will they be cared for once you pass on? How can they be financially secure without having to work when they reach retirement age? What kind of legacy do you want to leave behind for them?
Talk With Your Families
One of the most important conversations you can have is about what will happen when one of you passes away. The last thing anyone wants is for their spouse or children to not know what they truly wanted because no one asked them until it was too late. Take time to talk things over about your family homes, assets, and what should go where when the time comes.
Review Beneficiary Designations
Beneficiary designations are also important. You can review these periodically, as changes may occur in your life and assets. You should ensure that your beneficiary designations match the estate plan you have established. For example, if you have a spouse and children, make sure they are listed on all accounts together as beneficiaries of those assets.
Get a Postnuptial Agreement
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Postnuptial agreements, or simply "postnups," are legal contracts between two people married to each other. They can be used to define and establish how assets will be divided in the event of a divorce and/or death.
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If you want to ensure that your spouse is protected and provided for upon your death, we recommend getting a postnuptial agreement.
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To begin preparing a postnup, you'll need to determine what you want it to contain: property division, spousal support (alimony), child support payments and custody arrangements should all be considered.
Some states allow non-married couples to make certain legal decisions together, such as choosing a medical power of attorney that gives one partner control over the other's medical treatment in case of incapacity. We recommend you talk with an estate planning attorney here at Nash Law Firm about your specific situation to determine whether this is possible in your state.
We hope this helps you prepare your estate plan as a newly married couple. When the time comes for you and your spouse to plan your future, contact our team to schedule a free consultation. Plan today for tomorrow with peace of mind for your loved ones.








