Palm Springs Law Blog

From bank accounts to taxes, to purchasing a home, as couples embark on the journey of marriage, there are many aspects of each individual’s life that become joined. However, one aspect that most newlyweds don’t think about is the creation of an estate plan.

Regardless of each individual’s age, sex, sexual orientation, gender-identity or socioeconomic status, it is never too early to establish an estate plan. While many often associate estate plans with death or old age, the real purpose of an estate plan is to protect the interests of yourself and your spouse should you find yourselves in certain situations. As your lives grow together, you always have the option of revising your plan. 

Six Things Every Newlywed Couple Should Consider

In order to help couples understand the more important aspects of an estate plan and reduce the likelihood of being overwhelmed, here are six things that every newlywed couple should consider. 

1. Review any Wills or Trusts that you had prior to your marriage in order to determine if you wish to change anything or to keep them as a part of your estate plan as a couple. 
   
2. If you take the last name of your new spouse, you must ensure that you also change it on all of your existing accounts, property titles, or other legal documentation. 
   
3. When a spouse passes away, joint and/or trust bank accounts can be easier to deal with.
   
4. Life insurance is cheaper for the young and healthy. Therefore, it is better to obtain life insurance sooner rather than later. 
   
5. If we wish to stand by your spouse through sickness and health, having an Advance Health Care Directive is most appropriate. It provides your spouse with a power of attorney to make important medical decisions for you should you be unable to make them for yourself.   
6. Determine which property that you had prior to your marriage you wish to keep separate and which property you wish to own jointly. Property acquired prior to the marriage is your separate property. 

While flowers and chocolate can be quite nice, taking your spouse’s health and protection into consideration is one of the most thoughtful things that you can do. The financial health of your spouse and your family can make a huge difference during a time when they may need it the most. 

Heritage Legal, PC Helps Newlywed Couples to Establish an Estate Plan

You love your spouse and your family and want the best for them. That is why it is in your best interest – and theirs – to consult with a knowledgeable and experienced California Estate Planning Attorney. 

At Heritage Legal, PC, we understand the importance of protecting the very things that you care about. We help you to build an estate plan that meets your needs and the needs of your family. To learn more or to schedule a free consultation, contact us today!