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Estate Planning Necessities for Newlyweds

We know estate planning might not be the most romantic topic of conversation as newlyweds, and certainly not as exciting as jetting off to the tropics, but it’s an important discussion you should have. By following these tips from our estate planning lawyers near Anaheim, you’ll ensure that your new life together is stable and managed. Although they don’t make for the most eventful weekend activity, these estate planning items should be on your post-wedding to-do list.

Update Account Beneficiaries

This is the easiest and most simple step, so tackling it first will get one thing off of your plate. If you have a 401k or IRA account, you may have previously named your beneficiary as a sibling or parent. Now is the time to update the beneficiary designations to be your spouse in the event anything happens.

Create a Will

There is a common misconception that just because you and your spouse don’t have many assets, you don’t need a will. This is incorrect. Many states have laws to allocate assets if someone passes without a will, and there will be no way to ensure any of your belongings go to your spouse without creating one. It’s important that you discuss how you want your assets to be divided should anything happen to either or both of you. This is a complicated process, but we want to make it as easy as possible. Our estate planning lawyers in Anaheim have extensive experience creating and updating wills.

Think About Durable Powers of Attorney and Advance Medical Directives

If you become incapacitated, you will want your spouse to be able to make financial decisions and be aware of your wishes in the event of a medical emergency. To ensure that you understand each other’s desires, and each are able to handle affairs on the other’s behalf, having a durable power of attorney and an advance medical directive in place is crucial.

If you’re a newlywed and don’t want to leave the honeymoon phase without figuring out these post-wedding to-dos, contact the Law Offices of Norman J. Homen today. Our estate planning lawyers in Anaheim handle these issues on a daily basis and are here to help.