Many people who are getting married focus heavily on the wedding, reception and honeymoon. They likely won’t think about handling estate planning matters right away, but that could be a critical oversight.
Marriage comes with legal and financial changes that need to be addressed. Estate planning documents are one of the ways to do that. Establishing the estate plan after the wedding can help to ensure that everything is in order. These five estate plan moves can benefit Texas newlyweds:
1: Create a will
A will names who will receive property after you pass away, but there are other decisions that must be included. One of these is the person who will handle your estate, which is a major responsibility.
2: Review beneficiary designations
Beneficiary designations dictate who will receive payable on death accounts, life insurance and retirement accounts. These don’t go through the will, so it’s important that you have the documents set at the financial institution.
3: Sign financial powers of attorney
The financial power of attorney gives someone the ability to take care of your finances if you’re unable to. This person will pay your bills, but they can also take care of other tasks like buying and selling property.
4: Prepare healthcare documents
Setting up an advanced directive provides your medical care team with a written set of instructions about your wishes. You should also name someone as your healthcare power of attorney so they can make decisions that aren’t included in your advanced directive.
5: Organize records in a safe place
Estate planning works best if the documents can all be found. Keeping signed wills, powers of attorney documents, advance directives, insurance records, beneficiary designations, deeds, account lists and emergency contacts somewhere that’s safe and accessible is crucial.
Creating a comprehensive estate plan can be challenging, but it’s critical for all newlyweds to ensure they have everything in order. It might be beneficial to work with someone familiar with these matters because they can be complex, particularly if either party was previously married.