All month long we will be discussing estate planning for certain individuals. This week we will focus on estate planning for newlyweds.
Estate Planning for Newlyweds
Marriage is the formation of a new family unit. This is a great time to begin estate planning as most of the time, it is not complicated and can be very economical. Couples should sit down and discuss their assets in order to take the proper steps and prepare should anything happen to one spouse. Here are a few things that should be done:
Beneficiary Designations –
Add your spouse to the title of your accounts, or make your spouse the beneficiary of your accounts and any existing life insurance policies. This will allow your spouse to receive the money easily, quickly, and outside of the probate court. Most financial institutions will just request a death certificate in order to transfer the funds.
Title to Marital Home –
If buying a home together, or one spouse already owns the property which will become the marital home, make sure this property is titled in he name of the husband and wife. In Florida, this will protect the surviving spouse’s homestead rights and keeps the property out of probate court.
Prepare Durable Power of Attorney/Advanced Directives –
These documents will make your spouse your legal representative in the event of incapacity, and address your wishes as to end of life issues so your spouse does not have to make those decisions.
These steps will work for newlywed couples with no children or children from other marriages. In future posts, we will address the situations.