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Newlyweds should think about their estate plan


The thrill of a wedding is something that gets brides and grooms excited for months in advance of the actual event. A person's wedding is one of the happiest days of their lives and is an event that is anticipated by everyone in the family. But after the wedding there are certain important things that newlyweds should think about and one of those is estate planning.

Although the last thing a newlywed wants to think about is their death but there are certain things newlyweds should do as far as estate planning. First they should update the beneficiary information on their accounts that include 401Ks, life insurance and other retirement accounts.

Second, now that a couple is married they should review their life insurance needs. This is also a good time to increase life insurance because the couple is most likely young and healthy. Adding additional life insurance gets more expensive as people age.

Third, a couple should create a will. The will can be simple and just say that all property be passed to the spouse upon death.

Fourth, also create a health care directive and power of attorney. A spouse can be designated for both and these are important documents as spouses don't always have the right to be the automatic power of attorney without a legal document. An alternate power of attorney should also be named in case both spouses are incapacitated.

Finally, couples should review their home ownership legal situation. If a person owns a home alone it may be advantageous to add the new spouse to the home legal documents as well.

Newlyweds have much to celebrate. Their new life together has just begun and they hopefully of years of happiness ahead of them. Estate planning is an important part of their new life. A legal professional skilled in estate planning can help young couples create the necessary documents to make sure their new lives are secure in case something happens.

Source: financial-planning.com, "5 Estate Planning Essentials for Newlyweds," Tracy Craig, March 23, 2015

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