Marriage is often one of the most special unions that a person can experience. Although spending time together is usually the one thing newlyweds do right after tying the knot, most probably do not envision spending this time together planning their estates. However, it is important in Maryland to reevaluate one’s estate administration strategies after a significant life change, such as a marriage.
Sometimes, it is best to start with the easiest thing first. One of the simplest estate planning actions to take after marrying is to change beneficiaries for one’s various accounts. Some of the accounts which one should reevaluate are IRA and 401(k) accounts. Additionally, insurance policies, investment accounts and health savings accounts should be examined and updated with current intended beneficiaries.
After updating beneficiaries in one’s various accounts, a couple should discuss the possibility of altering wills. A newlywed couple may want to come to a consensus regarding whether parents or existing children should receive a set amount of assets. Also, spouses should decide who should care for any future or existing children if both spouses end up passing away or becoming incapacitated.
These are just a few of the estate administration changes which newlyweds may want to consider in Maryland or in any other state. Some other estate planning documents which may need to be reevaluated are power-of-attorney documents, trusts, medical directives and titles to property and assets. Even if one does not marry, it is still a good idea to periodically update one’s estate plan.
Source: NASDAQ.com, “Estate Planning for Newlyweds”, July 13, 2014