Newlywed? Consider These Estate Planning Tips
Marriage marks a huge milestone, and it involves countless adjustments in many
areas of your life. One area that newlyweds often overlook is estate planning.
When you’re embarking on a new phase in your life, the last thing you want to
think about is what would happen if one of you passed away or became disabled.
However, laying the right groundwork now can help you ensure your family is
taken care of in the future. Here are a few tips:
If you don’t have Wills, now is the time for each of you to put one in
place. This allows you to provide for each other in the way that you
think is best, instead of subjecting your estate to the rules imposed by
Take a look at the property each of you owns. It’s important for you to
know exactly what you own, and how your property is titled. For
example, property that is co-owned as Joint Tenants With Right of
Survivorship is not affected by your Will because it is not subject to
probate. Instead, when one owner passes away, the property
automatically passes to the surviving owner.
Review your beneficiary designations. You’ll want to double-check your
retirement accounts, life insurance policies and other assets for which
you’ve designated a beneficiary. Is the current beneficiary still the
person you want the asset to go to? If not, now is the time to make a
change. Assets for whom you’ve designated a beneficiary are not
subject to probate, so your Will does not control who receives them.
If you don’t have an incapacity plan, you’ll want to put one in place.
Your incapacity plan is a group of documents that control who will make
medical and financial decisions on your behalf in the event that you’re ill
or severely injured and can’t take care of yourself. Without it, your
spouse may need to go to court in order to get the right to take care of
you and your finances in the event that you become incapacitated.
Your estate planning attorney can help you review your assets, make an
assessment of your planning goals and needs, and put together a plan that’s
tailored to you and your spouse.
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A.
offers estate planning and business planning resources to residents of Port St.
Lucie FL. To learn more about these free resources, please visit